The prisoner's dilemma is a game of strategy:
A. in which people make rational choices that lead to the ideal result for all.
B. that leads everyone to be as well off as possible without making another worse off.
C. in which people make rational choices that lead to a less-than-ideal result for all.
D. that leads people to make irrational choices that lead to the ideal result for all.
Answer: C
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What arguments can be made for government regulation of concentrated markets? What arguments can be made against such government regulation?
What will be an ideal response?
Based on the graph showing equilibrium output and price for a monopolist, monopolists should boost production when ______.
a. MR + MC=0
b. MR < MC
c. MR = MC
d. MR > MC
Which theories of the economy lead to the assertion that markets "self-adjust" to deviations from their long-term growth trend?
A. Keynesian theories B. Monetarist theories C. Classical theories D. Supply-side theories
Which of the following would not be included in the calculation of GDP?
A. Income earned by a CPA. B. Tips earned by a bartender who does not report them to the IRS. C. Contract work performed by an electrician. D. Income earned by an attorney.