A narrowly conceived physical quality-of-life index attempts to measure:
a. the gross national income.
b. absolute poverty levels.
c. the level of social injustice.
d. the level of technological progress.
e. living standards.
e
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The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. The mixed-strategy Nash equilibrium is
A) Firm A produces an advanced computer with 80% chance, firm B produces an advanced computer with 20% chance. B) Both firms produce advanced computers with 50% chance. C) Firm A produces an advanced computer with 60% chance, firm B produces an advanced computer with 40% chance. D) Both firms produce advanced computer with 80% chance.
When inflation occurs, consumers
A. realize gains in their wealth. B. increase spending to catch up with higher prices. C. automatically shift the consumption line upward. D. suffer a decrease in real wealth.