___________ is a winning strategy in a game of bargaining.
A. First-mover advantage
B. Patience
C. Cooperation
D. Self-interested behavior
B. Patience
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What does the short-run Phillips curve indicate about the tradeoff between inflation and unemployment?
What will be an ideal response?
Which of the following is a "free" good?
A) Elderly health care, which is covered by Medicare B) Health care for the poor, which is covered by Medicaid C) Higher education in Georgia, which is paid for by lottery revenue D) All of the above. E) None of the above.
A competitive market may misallocate resources over time because
A. current profits are worth more than future profits because of the time value of money. B. current profits are worth less than future profits because of the time value of money. C. the Federal Reserve sets interest rates different than the opportunity cost of consuming now versus later. D. the Federal Reserve always prefers capital investment over personal consumption.
Government intervention may achieve a more optimal outcome than the market mechanism when addressing
A. The supply of new hot dog stands. B. Consumption of cigarettes. C. Inefficient bureaucracy. D. None of the choices are correct.