Climate Is Probably the Most Important Element of the Physical

question 47

Multiple Choice

Climate is probably the most important element of the physical forces as it sets the limits on:

• A) annual rainfall, thus water supply.
• B) population growth patterns.
• C) what people can do physically and economically.
• D) expected FDI.

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Definitions:

Dominant Strategy

A strategy that always results in the highest payoff for a player, regardless of the opponents' actions.

Nash Equilibrium

The situation that occurs in some simultaneous games wherein every player is playing his or her dominant strategy at the same time and thus no player has any reason to change behavior.

Repeated Games

A strategic situation in which the same game (a set of strategies and payoffs) is played multiple times, allowing for strategy evolution over time.

Homogeneous Oligopolists

Firms in an oligopoly that sell products so similar that consumers perceive them as identical, leading to competition based primarily on price.