The prisoner's dilemma:
A. can be summarized in a payoff matrix.
B. can involve two players.
C. leads to a less-than-ideal outcome for all players.
D. All of these statements are true.
D. All of these statements are true.
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Answer the following statements true (T) or false (F)
1. A considerable degree of government control of production and distribution exists in a command economy. 2. The profit motive is one characteristic of a command economy. 3. Competition serves as a regulator in a market economy. 4. In a market economy, prices serve as a rationing mechanism.
Consumption expenditure is 15,000, government purchases are 5,000, planned investment spending is 4,000 and net exports are 1,500. If total output is 25,000, then unplanned inventory investment is ________
A) negative 500 B) 2,500 C) 3,500 D) 4,000 E) negative 450
Refer to the above figure. At an income of $10,000, saving is
A) 0. B) $13,000. C) $3,000. D) -$3,000.
When the government increases taxes to provide traditional public goods, such as national security, there tends to be
a. widespread benefits and costs b. widespread costs and concentrated benefits c. concentrated benefits and costs d. widespread benefits and concentrated costs e. widespread costs and either widespread or concentrated benefits