A decision tree is used when modeling:
A. simultaneous decisions.
B. any type of game.
C. games in which timing matters.
D. a prisoner's dilemma.
Answer: C
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Which of the following is a problem associated with extreme levels of poverty?
A) High life expectancy B) High infant mortality C) High literacy D) Low fertility
Non-credible threats that are made in a Nash equilibrium (that is not subgame perfect) of a sequential game cannot be made in the first stage by the player who begins the game.
Answer the following statement true (T) or false (F)
Carefully define the following terms and explain their importance in the study of macroeconomics:
a. expenditure schedule b. saving schedule c. equilibrium GDP d. leakages schedule e. injections schedule
A rapid increase in the number of workers, other things the same, is likely in the short term to
a. raise real GDP per person, but decrease real GDP. b. decrease both real GDP and real GDP per person. c. raise both real GDP and real GDP per person. d. raise real GDP, but decrease real GDP per person.