Suppose C = 1000 + .9Y, G = 400, I = 100, (X – IM) = 0, and there are no income taxes. The equilibrium level of national income is

A game in which any gains one player makes are offset by equal losses by another player is known as a

A) zero-sum game. B) positive-sum game. C) negative-sum game. D) cooperative game.

When property rights are well defined and markets are competitive, the

a. market equilibrium violates the conditions for economic efficiency. b. market equilibrium is consistent with economic efficiency. c. conditions necessary for economic efficiency no longer apply. d. quantity supplied will rarely equal the quantity demanded.