____ is used in repeated games such that one player follows the other player's move in the previous round, leading to ____ cooperation
a. Bandwagon effect; greater
b. Bandwagon effect; lesser
c. Tit-for-tat strategy; greater
d. Tit-for-tat strategy; lesser
c
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Explain the proposition known as Ricardian equivalence
What will be an ideal response?
When a firm produces one unit, the variable cost is $3. When the firm produces two units, the variable cost is $6. What is the marginal cost associated with two units of production?
A) $2 B) $0.5 C) $6 D) $3
Assume that CDs are a normal good and that the price of stereo equipment falls while the labor costs of producing CDs increase. What will happen in the market for CDs?
What will be an ideal response?
A higher rate of saving should lead to
A) higher current consumption. B) less growth. C) more investment, higher capital growth, and more future consumption. D) a higher price level and reduced future consumption.