Using a decision tree:
A. can help identify the dominant strategies in a prisoner's dilemma-type game.
B. allows a player to see his optimal strategy in a simultaneous game.
C. can help define a binding commitment strategy.
D. allows a player to see his optimal strategy in a sequential game.
Answer: D
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According to David Ricardo, an increase in government spending without any tax increase will not increase aggregate demand because
A) consumers will increase their consumption proportionately more than Keynesian economists believe they will. B) consumers will save less than they otherwise would have. C) consumers will consume less and save more to prepare for increased taxes in the future. D) the private sector is more likely than the public sector to spend any extra income on national defense.
Incorporated firms first began appearing in the 1850s
Indicate whether the statement is true or false
Suppose a profit-maximizing monopolist faces a constant marginal cost of $20, produces an output level of 100 units, and charges a price of $50 . The socially efficient level of output is 200 units. Assume that the demand curve and marginal revenue curve are the typical downward-sloping straight lines. The monopoly deadweight loss equals $1,500
a. True b. False Indicate whether the statement is true or false
If, at some interest rate, the quantity of money demanded is less than the quantity of money supplied, people will desire to
a. sell interest-bearing assets, causing the interest rate to decrease. b. sell interest-bearing assets, causing the interest rate to increase. c. buy interest-bearing assets, causing the interest rate to decrease. d. buy interest-bearing assets, causing the interest rate to increase.