Actions that ignore the possible long-run benefits of cooperation and focus solely on short-run gains are
A. a zero-sum game.
B. a negative-sum game.
C. opportunistic behavior.
D. tit-for-tat strategic behavior.
Answer: C
You might also like to view...
Suppose the Economics Department has a graduation party for its students but as a final test they must show they have learned something about trade. The men are given food when they walk in and the women are given drink. Suppose they have identical preferences where food and drink provide utility U = F?D? . The exchange would be such that
a. both would be guaranteed to be better off than when they entered. b. both would be guaranteed to be at least as well off as when they entered. c. the men would end up with more. d. the women would end up with more.
The word economics is derived from the Greek word Oeconomicus, which refers to the management of ______.
a. household affairs b. money c. resources d. political affairs
Real GDP is a more accurate measure of economic growth than nominal GDP because:
a) Nominal GDP can increase due to an increase in production or prices or both. b) Nominal GDP is a total dollar measurement. c) Nominal GDP only increases because of an increase in production. d) Real GDP is a measurement of the overall price level.
In the long run, firms in a monopolistically competitive market
A) usually earn positive economic profits. B) always earn monopoly profits. C) usually earn economic losses. D) earn zero economic profits.