The maximin criterion can be defined as which of the following?
a. One seeks the maximum of the minimum payoffs to the various available strategies.
b. One seeks the minimum of the maximum losses among the various available strategies.
c. One seeks the maximum of the minimum losses to the various available strategies.
d. One seeks the maximum of the maximum gains of the various available strategies.
a
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In the long run, perfectly competitive firms make zero economic profit, that is, their owners make a normal profit
Indicate whether the statement is true or false
The natural unemployment rate includes
a. both frictional and structural unemployment. b. neither frictional nor structural unemployment. c. structural but not frictional unemployment. d. frictional but not structural unemployment.
A tax imposed on imported goods is
A. A tariff. B. An example of fiscal policy. C. A quota. D. An embargo.
The implementation lag of monetary policy is longer than that of fiscal policy because Congress can act more quickly then the Fed.
Answer the following statement true (T) or false (F)