The prisoners’ dilemma describes a single-play game that features
A) an outcome in which the participants collude.
B) a large number of rivals cooperating with each other.
C) a situation in which one player has better odds than the other.
D) two players who are unable to communicate with each other.
D) two players who are unable to communicate with each other.
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During a(n) ________ the demand for money decreases because ________
A) recession; the price level rises B) recession; real GDP decreases C) equilibrium; real GDP decreases D) recession; nominal GDP increases E) expansion; real GDP decreases
The term "dirty float" is used to describe a: a. currency that is allowed to float only in prosperous times
b. nation that switches from free to fixed rates of exchange. c. black market in foreign currencies. d. floating currency that is sometimes changed by government central bank authorities.
The concept of elasticity is used to
a. indicate the economy's ability to rebound from a recession b. measure the robustness of a variable c. measure the sensitivity of one variable to changes in another d. measure price changes e. measure income changes
Historical trends in the prices of most natural resources compared to prices of other goods indicate that most natural resources have become scarcer over time
a. True b. False Indicate whether the statement is true or false