When duopoly games are repeated and a "tit for tat" strategy is used,
A) the competitive outcome is more likely to be reached than when the game is played once.
B) the monopoly outcome is more likely to be reached than when the game is played once.
C) both firms begin to incur economic losses.
D) one firm goes out of business.
E) Because the game is repeated, it is impossible to predict whether the competitive or the monopoly outcome is more likely.
B
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Which of the following groups of countries were members of NAFTA?
A. Japan, Canada, and Mexico B. the United States, Japan, and Mexico C. the United States, France, and Germany D. the United States, Canada, and Mexico
A government bond is NOT as liquid as cash because the bond
A. cannot be converted to spendable dollars either until it matures or is sold to another investor. B. can be exchanged only for the goods or services produced by the company that issued the bond. C. always has a face value less than its actual value. D. must be exchanged for a stock certificate before it can be converted to spendable funds.
In the economic way of thinking, government consists of many different people interacting on the basis of
A) fear. B) legal guarantees. C) prevailing property rights. D) public interests.
Even though households do not actually purchase certain items, the government estimates and adds to the consumption component what the household would pay for these items in the marketplace. An example of this type of item is
a. a car that an individual builds from parts of old cars b. food that a farm family grows for themselves c. a pond that a household member digs by hand d. police and fire protection e. a barn that a household builds on their own property