What is the difference between a recession and a depression?
(A) Unlike a recession, a depression includes high levels of inflation.
(B) A recession is more severe than a depression and lasts longer.
(C) A depression is a particularly deep recession with high levels of unemployment.
(D) A recession is a period of economic growth while a depression is a period of economic contraction.
Ans: (C) A depression is a particularly deep recession with high levels of unemployment.
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As a percentage of total world production, production in the 29 advanced economies is about ________ percent of total world production and in the 118 developing economies is about ________ percent of total world production
A) 53; 39 B) 23; 62 C) 53; 12 D) 30; 46 E) 19; 73
In an extensive-form game, payoff to a player is usually higher if ________
A) he follows a pure strategy B) he follows a mixed strategy C) he is the first mover D) he is the second mover