Game theory is designed to study situations in which each agent's decisions are:
A. independent.
B. uninformed.
C. constrained.
D. interdependent.
Answer: D
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The attempt to capture consumer surplus, producer surplus, or economic profit is called ________
A) a natural monopoly B) price discrimination C) rent seeking D) gouging
A resident of the U.S. just purchased a share of stock on the London stock market. As far as the U.S. balance of payments this purchase will
A) have no influence on the balance of payments since stock is not a good or service. B) be entered as a unilateral transfer in the current account. C) be entered in the capital account. D) require special drawing rights.
Suppose that an economy's labor productivity and total worker-hours each grew by 3 percent between year 1 and year 2. We could conclude that this economy's:
A. real GDP remained constant. B. capital stock increased by 3 percent. C. production possibilities curve shifted inward. D. production possibilities curve shifted outward.
Explain the logic behind the demographic transition view.
What will be an ideal response?