Two players who are both playing tit-for-tat can quickly find their way toward:
A. a cycle of cooperation and noncooperation, similar to a business cycle.
B. noncooperative outcomes for the remaining rounds.
C. lasting cooperation.
D. None of these statements is true.
Answer: C
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Indicate whether the statement is true or false
Which view of the causes of the Great Depression emphasizes the decline in the money supply which caused aggregate demand for goods and services to shrink, leading businesses to cut production and employment?
(a) The Monetarists' (b) The Keynesians' (c) The Austrians' (d) The International View
Adam Smith's notion of the invisible hand served as the foundation of
a. mercantilist thought. b. the philosophy of protectionism. c. the liberal economic thought of the nineteenth century d. the neo-Marxian tradition. e. none of the above.
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A. allow the greatest policy flexibility. B. follow the Taylor rule. C. involve feedback rules. D. are created to undermine expectations.