Prisoners Dilemma show
a. Rational choices lead to bad outcomes
b. Rational choices lead to good outcomes
c. That there are no ways to learn where the pitfalls lie
d. None of the above
a
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Suppose you purchase a bottle of vitamin water with a price of $3. The price of $3 best reflects the function of money as a ________, and when you take $3 out of your wallet to purchase the bottle, money is functioning as a ________
A) medium of exchange; standard of deferred payment B) store of value; unit of account C) unit of account; medium of exchange D) medium of exchange; store of value
The difference between the marginal social cost and the private cost of a common property resource represents:
A) the social discount rate. B) a deadweight loss. C) is generally negative because the people who use the resources assign higher value to them than other members of society. D) the opportunity cost of reducing the resource by one unit for other members of society.
The Latin American region has more economic equality than the high-growth Asian economies because nations are more democratic
Indicate whether the statement is true or false
Microeconomics and macroeconomics are:
A. not related because they are taught as separate courses. B. interrelated because what happens in the economy as a whole is based on individual decisions. C. virtually identical, though one is much more difficult than the other. D. interrelated because both are taught by the same teacher.