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1. Consider the following data, and answer the questions given below. China and England are international trade partners. The following data are expected payoffs for the two countries.
Both China and England use a tariff; payoff equals -25 for both nations.Both China and England allow free trade; payoff equals 25 for both nations.China uses a tariff, but England allows free trade; payoff is 45 for China and -10 for England.England uses a tariff, but China allows free trade; payoff is 45 for England and -10 for China.
Which situation represents a Nash equilibrium, or the situation that occurs when both nations attempt to do what is in the best interest of each other, exclusively?a.Both China and England allow free trade.b.England uses a tariff, but China allows free tradec.China uses a tariff, but England allows free traded.Both nations impose a tariff
2. Describe the prisoner's dilemma. Provide a numerical example using China and Mexico as the two countries, and use producing or not producing steel components as the two options facing each nation.
America spends more on every student in public education than any other developed country and yet performs at bottom of every international student achievement test.
Following the reduce in the demand for the Baht, has the Baht appreciated or depreciated in relation to the United State dollar?
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A bicycle produced in the U.S. costs $100. Using the exchange rates listed in Table 1, what would the bicycle cost in each of the following nations?
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Two individuals are having a picnic. Jane brings eight litres of soft drinks and two sandwiches. Bob, on the other hand, has two litres of soft drinks and four sandwiches.
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