In a two-player, one-shot simultaneous-move game each player can choose strategy A
or strategy B. If both players choose strategy A, each earns a payoff of $500. If both
players choose strategy B, each earns a payoff of $100, If player 1 chooses strategy A
and player 2 chooses strategy B, then player 1 earns $0 and player 2 earns $650. If
player 1 chooses strategy B and player 2 chooses strategy A, then player 1 earns $650
and player 2 earns $0.
(1) Find the Nash equilibrium of this game. (5 分)
(2) Can the outcome with the highest aggregate payoff be sustained in equilibrium? (5
分) Explain.(5 分)
(1) What is the steady-state level of capital per capita for industrial economies? (5 分)
(2) Suppose that the World Bank decides to give a gift to any agricultural economy to
become industrial, what is the minimum level of capital per capita for the gift? (5 分)
(3) Suppose that an agricultural country has a government that can set the savings rate
of the economy without the World Bank subsidy, is there a savings rate which will
be smaller than one to allow the agricultural economy to become industrialized? (5
分) What if the World Bank subsidizes the economy by donating a dollar for every
dollar that the country saves? (5 分)
Do you agree that the reduction of government budget deficit may not increase the
current account surplus? (5 分) Why? (10 分)
Review the effects of the following changes on the current consumption and work
effort.
(1) A permanent parallel shift of the production function.(5 分)
(2) A change in the interest rate.(5 分)
(3) A temporary change in the marginal product of labor. (5 分)
Consider an employee who does not receive employer-based health insurance and must
divide his $7000 per week in after-tax income between health insurance and "other
goods",
(1) Draw this worker's opportunity set if the price of health insurance is $1000 per
week and the price of "other goods" is $1000 per week. (5 分)
(2) On the same graph, illustrate how the opportunity set would change if the employer
agreed to give this employee $1000 worth of health insurance per week (under
current tax laws, this form of compensation is nontaxable).(5 分)
(3) Would this employee be better or worse off if, instead of the health insurance, the
employer gave him a $1000 per week raise that was taxable at a rate of 25 percent?
(5 分) Explain.(5 分)
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