Answer the following statement(s) true (T) or false (F)
1. An outcome that is Pareto optimal is preferred by both players to all other possible outcomes.
2. A Nash equilibrium need not be Pareto optimal, and a Pareto-optimal outcome need not be a Nash equilibrium.
3. In the Prisoners' Dilemma game, the only outcome that is not Pareto optimal is also the game's only Nash equilibrium.
4. When a game is played sequentially, the first player will have an advantage over the second player.
5. A Cournot equilibrium arises when one player announces his strategy before the other.
1. False
2. True
3. True
4. False
5. False
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A marginal propensity to consume of 0.84 results in a multiplier of
A) 6.25. B) 1.19. C) 0.16. D) 0.84. E) 1.84.
Sharecropping after the Civil War (1861–1865) was the land tenure of black and white non-landowning farmers in about equal proportions
Indicate whether the statement is true or false