An ultimatum game is:
A. the only game played by unions in reality.
B. one in which one player makes an offer and the other player has the simple choice of whether to accept or reject.
C. a repeated sequential game.
D. one in which one player makes an offer and the other player has the choice of whether to accept or offer a counteroffer.
Answer: B
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Comment on the following statement. "Once general equilibrium is achieved this will result in a long-run equilibrium as well."
What will be an ideal response?
If real GDP in 2018 (using 2009 prices) is lower than nominal GDP of 2017, then
A) prices in 2018 are lower than prices in 2017. B) nominal GDP in 2018 equals nominal GDP in 2017. C) prices in 2018 are higher than prices in 2017. D) real GDP in 2018 is larger than real GDP in 2017.