In a coordination game, a Nash equilibrium occurs when
a. each player ignores the strategy of the other player
b. each player chooses no strategy, but maintains the status quo
c. each player chooses the same strategy
d. one player can improve the outcome by changing strategy
e. None of the answers is correct.
C
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If a good is scarce
A) some criteria must be established to determine who gets what. B) its price is above the market-clearing level. C) its price is below the market-clearing level. D) the quantity demanded is greater than the quantity supplied. E) the supply is less than the demand.
In a small European country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $300. Based on this information, what is the slope of the per-worker production function in this range?
A) 0.03 B) 3.3 C) 33.3 D) 333