As a Result of the 2007-2009 Recession

question 242

Multiple Choice

As a result of the 2007-2009 recession,

• A)declining imports created a trade surplus for the United States.
• B)the U.S. trade deficit grew significantly.
• C)declining imports reduced the size of the U.S. trade deficit.
• D)roughly equivalent declines in both exports and imports left the U.S. trade balance unchanged.

---

Definitions:

Cooperative Game

A game theory framework where players can benefit from forming alliances or coalitions, focusing on how collective action can lead to mutually beneficial outcomes.

Constant Sum Game

A situation in game theory where the gain or loss of utility for one party results in an exactly equal loss or gain for the other party or parties.

Equilibrium Outcome

The situation in which market supply and demand balance each other, and, as a result, prices become stable.

Pure Strategies

A strategy in game theory where a player chooses a single action or outcome consistently, rather than mixing between multiple options.