Differentiate between a payoff matrix and a game tree
What will be an ideal response?
A payoff matrix and a game tree both show the payoff for each action players can take. However, a payoff matrix is used for a simultaneous move game, while a game tree is used for an extensive-form game.
Economics
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The income tax levied during the Civil War (1861–65) was declared constitutional in Springer v U.S. (1881) because it was not a direct tax
Indicate whether the statement is true or false
Economics
Which of the following statements about wage setting is true?
A) most workers in the U.S. have their wages set by formal contracts. B) formal contracts play a more important role in Japan and Western Europe than in the United States. C) the minimum wage in the U.S. is about 75% of the average wage. D) all of the above
Economics