Explain how a market helps determine which goods and services will be produced, how to produce them, and who gets them
What will be an ideal response?
A market promotes interaction between consumers and firms. This interaction will result in prices, which influence the decisions of consumers and firms.
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In a two-person repeated game, a tit-for-tat strategy refers to
a. Where each player pursues his or her own self-interest without any cooperation b. Where players start off as non-cooperative and then cooperate when one or both players show interest in colluding c. Where players start off by cooperating and then mimic the other player's last move d. Players cooperating throughout with no defection
Laws that are passed that either require or forbid certain behaviors are examples of command-and-control policies
a. True b. False Indicate whether the statement is true or false
In addition to the economic stimulus provided by a public works project during a recession, the government is able to provide some services to the population in future years
A. at no cost. B. at least cost. C. in a timely fashion. D. reducing the need for automatic stabilizers.
Which person provides an example of structural unemployment?
A. A fast-food worker who quits that job to find a better-paying job. B. A student who goes to school instead of working. C. A worker who stays at home to take care of children. D. A worker skilled at running an obsolete machine.