Answer the following statement(s) true (T) or false (F)
1. When a game has more than one Nash equilibrium, it is unlikely that a stable equilibrium will ever be reached.
2. The copycat game does not have a pure strategy Nash Equilibrium.
3. When mixed strategies are allowed, the Copycat Game does have a Nash equilibrium.
4. Nash equilibrium is a normative concept.
5. For an outcome to be Pareto optimal, the players' total payoff must be as large as possible.
1. False
2. True
3. True
4. False
5. False
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Which of the following both shift aggregate-demand curve to the right?
a) a decrease in taxes and at a given price level consumers feel more wealthy b) a decrease in taxes and at a given price level consumers feel less wealthy c) an increase in taxes and at a given price level consumers feel less wealthy d) an increase in taxes and at a given price level consumers feel more wealthy
The production function describes the relationship between
A) the real wage and the quantity of labor supplied. B) real GDP and the quantity of labor employed. C) real and potential GDP. D) real and nominal GDP. E) potential GDP and the real wage rate.