(Consider This) The prisoner's dilemma is generally demonstrated through:
A. the kinked-demand model.
B. game theory.
C. monopolistic competition.
D. a tightly knit cartel.
Answer: B
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If a good has zero external costs, then
A) marginal social cost equal marginal private cost. B) marginal social cost is greater than marginal private cost. C) marginal social cost is less than marginal private cost. D) we need more information to determine the relationship between private and social costs.
The federal debt is ____________ and the federal deficit is ______________.
A. the cumulative total of what the federal government owes; the amount the federal government overspent in a given year B. the amount the federal government overspent in a year; the cumulative total of what the federal government owes C. the total of what is projected to be spent in a given year; the total of what is projected to be earned in revenues in a given year D. None of these statements is true.
Suppose the economy is experiencing frictional unemployment of 1 percent, structural unemployment of 3 percent and cyclical unemployment of 4 percent. What is the natural unemployment rate?
A) 5 percent B) 3 percent C) 8 percent D) 7 percent E) 4 percent
Lagging variables are aggregate economic variables that
A. reach a peak two or more years after aggregate economic activity reaches a peak. B. reach a peak after leading variables but before coincident variables reach a peak. C. reach a peak after coincident variables reach a peak. D. are insensitive to business cycles.