Refer to the scenario above. In the dominant strategy equilibrium, the payoff to Firm B is ________
A) $1.2 million
B) $3.0 million
C) $2.5 million
D) $2 million
B
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Time inconsistency refers to a situation where:
A. we change our minds about what we want in response to gaining complete information. B. we change our minds about what we want simply because of the timing of the decision. C. we typically choose the same thing, regardless of when the decision is being made. D. None of these statements is true.
Both demand and supply curves usually have positive slopes
a. True b. False Indicate whether the statement is true or false
Do policy makers know the exact value of the fiscal multiplier?
a. No, economists have almost no idea of the value of fiscal multipliers. b. No, they are not known with complete accuracy. c. Yes, economists know the precise value of the multiplier. d. Yes, although there is a very small range of uncertainty in the value.
___ GDP is used to track the economy since it ___ correct for the impact of inflation (rising prices).
A. Nominal, does B. Nominal, does not C. Real, does D. Real, does not