American Civics Exchange

Question 1
10 out of 10 points

_____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted.
Answer

Selected Answer:

The American Civics Exchange
Correct Answer:

The American Civics Exchange

Question 2
10 out of 10 points

The assumption of rationality in economics implies that:
Answer

Selected Answer:

people make choices with an eye toward attaining objectives they have chosen.
Correct Answer:

people make choices with an eye toward attaining objectives they have chosen.

Question 3
10 out of 10 points

Measuring important concepts in economics is difficult and some important economic
Correct Answer:

the relative bargaining powers of the two parties.

Question 5
10 out of 10 points

Megan, an analyst in Ronald’s team called in sick on a day when 4 projects were due for completion. Ronald divided Megan’s work between the remaining six team-members. Which form of governance is being used here?
Answer

Selected Answer:

Hierarchy
Correct Answer:

Hierarchy

Question 6
10 out of 10 points

If the transaction between you and the seller takes place at a price that equals your valuation of the product, then:
Answer

Selected Answer:

the entire economic value created by the transaction goes to the seller.
Correct Answer:

the entire economic value created by the transaction goes to the seller.

Question 7
10 out of 10 points

Starting from a pure exchange equilibrium, an increase in the demand for a commodity will result in:
Answer

Selected Answer:

a rise in the market price.
Correct Answer:

a rise in the market price.

Question 8
10 out of 10
Correct Answer:

A monopoly can choose its price while a competitive firm is a price taker.

Question 19
0 out of 10 points

Which of the following games will have a solution in mixed strategies?
Answer

Selected Answer:

A price-fixing game
Correct Answer:

A drafting game used by racing cars.

Question 20
0 out of 10 points

Refer to Table 7-3. What will be the Nash equilibrium if there is no interaction between the two students?

The following matrix represents the payoffs to two students who have been caught cheating in a class.
Table 7-3

Answer

Selected Answer:

Student B will confess while Student A will remain silent.
Correct Answer:

Both the students will confess.

Question 21
10 out of 10 points

In games without dominant strategies the Nash equilibrium can be found by using:
Answer

Selected Answer:

the method of iterated elimination of dominated strategies.
Correct Answer:

the method of iterated elimination of dominated strategies.

Question 22
10 out of 10