Reaching a Nash equilibrium means that:
A. the outcome will be positive-positive.
B. the players have failed to reach a stable outcome because one player will always wish to change his strategy once he finds out what the other player is doing.
C. a cooperative equilibrium has been reached.
D. the players have reached a stable outcome where neither would wish to change his strategy once he finds out what the other player is doing.
Answer: D
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Gross Domestic Product is equal to the market value of all the final goods and services ________ in a given period of time
A) produced and consumed within a country B) consumed by the citizens of a country C) consumed within a country D) produced within a country E) produced by the citizens of a country
Suppose we were analyzing the pound per Swiss franc foreign exchange market. If Switzerland's central bank intervenes to raise the value of the Swiss franc, then:
a. The demand for Swiss francs in the foreign exchange market rises, and Switzerland's monetary base falls. b. The supply of Swiss francs in the foreign exchange market rises, and Switzerland's monetary base rises. c. The supply of Swiss francs in the foreign exchange market rises, and Switzerland's monetary base falls. d. The demand for Swiss francs in the foreign exchange market rises, and Switzerland's monetary base rises. e. The demand for Swiss francs in the foreign exchange market rises, and Switzerland's monetary base remains unchanged.
Which of the following statements is true?
A) Because of the transitional problems affecting some factors of production, the net benefits of free trade are generally negative. B) Most economists are in favor of opening markets and extending international trade throughout the world. C) Because of the compelling case for free trade, there are very few strong opponents and arguments against free trade remaining in the world today. D) Cheap labor in foreign countries can almost always out-compete expensive labor in the United States.
Which of the following is an example of a nontariff or non-quota barrier?
A. The voluntary restraint agreement that limits imports of autos to the United States from Japan B. A limit on the import of textile products from China C. The use of extensive custom checks on product quality D. A $5.00 per case tax on imported wine