To economists, a game is:
A. a trivial pursuit that should not be used to analyze the economy or its actors.
B. any situation in which players pursue strategies designed to achieve their goals.
C. a way to simplify and minimize the true importance of situations like war.
D. All of these statements are true.
Answer: B
Economics
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Economists concerned about economy-wide trends in the unemployment of labor, the rate of inflation, and the level of economic production are studying:
A) microeconomics. B) macroeconomics. C) specific units or parts of the economy. D) the "trees" of economic behavior, rather than the "forest."
Economics
When the private costs and the social costs are NOT the same, there is a(n)
A) externality. B) internality. C) public good. D) monopoly.
Economics