What is the end result when each prisoner follows his dominant strategy?
a. Each prisoner serves one year in prison.
b. Each prisoner goes free.
c. Each prisoner serves ten years in prison.
d. Each prisoner serves six years in prison.
d. Each prisoner serves six years in prison.
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An economy characterized by high unemployment is likely to be
A. having a recessionary expenditure gap. B. having an inflationary expenditure gap. C. experiencing hyperinflation. D. experiencing a high rate of economic growth.
In the above table, the working age population is
A) 225 million. B) 100 million. C) 140 million. D) 155 million.
Jamal earns $160,000 per year and Josephina earns $80,000 per year. If Jamal pays $16,000 in income taxes and Josephina pays $8,000 in income taxes, the income tax system would be
A) regressive. B) progressive. C) proportional. D) marginal.
When the Fed purchases government securities, it
a. increases banks' reserves and makes possible an increase in the money supply b. decreases banks' reserves and makes possible a decrease in the money supply c. automatically raises the discount rate d. uses discounting operations to influence margin requirements e. sends a signal to the banking community that there is too much inflation