Consider the game between the teens from the previous question. The pure-strategy Nash equilibrium is (equilibria are)
a. Both Declare.
b. Both Ignore/Rebuff.
c. There are two: in one, both Declare, and in the other, both Rebuff/Ignore.
d. There are two: in both, the teens do the opposite of each other.
c
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Shoe leather costs are
A) the costs in time and effort incurred by people and firms who are trying to minimize their holdings of cash because of inflation. B) the costs of changing prices, such as printing and mailing catalogues. C) the costs of the redistribution of wealth between lenders and borrowers. D) the costs associated with the confusion of prices as signals.
Monetarists assume that suppliers of labor
a. always have perfect information about the real wage. b. base their decisions on the expected real wage. c. may or may not know the real wage. d. could not possibly have perfect information.
Why is it impossible for the unemployment rate to be zero?
a. There will never be more jobs than workers in an economy. b. There will always be people who quit or are fired. c. There will always be some form of inflation occurring. d. There will never be more workers than jobs in an economy.
Which of the following factors has contributed to rising health care prices in the United States?
A. The supply of physicians per 100,000 people has decreased since 1975. B. Productivity growth in the health care industry has been negative in recent years. C. Improvements in medical technology have significantly increased the number of patients that can be treated each year. D. The supply of physicians per 100,000 people has risen since 1975, but not as fast as the increase in the demand for physicians' services.