Which of the following statements is TRUE?
A) A growing economy should see a decline in relative poverty but not in absolute poverty.
B) A growing economy should see a decline in absolute poverty but not in relative poverty.
C) A growing economy should see a decline in both absolute and relative poverty.
D) A growing economy is usually unrelated to changes in either absolute or relative poverty.
B
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A Nash equilibrium
i. is named after the Nobel prize winning economist, John Nash. ii. occurs when each player chooses the best strategy given the strategy of the other player. iii. must give the best possible outcome for each player. A) i only B) ii only C) iii only D) i and ii E) ii and iii
Which of the following is true?
i. A price ceiling set above the equilibrium price has no effects. ii. A price ceiling set below the equilibrium price creates a surplus. iii. A price floor set above the equilibrium price has no effects. A) only i B) only ii C) only iii D) i and ii E) ii and iii