How should parties in a prisoner’s dilemma resolve the situation?
a. By forming natural monopolies in the marketplace
b. By pressuring members to keep output up and prices up
c. By monitoring the price and output activities of each other
d. By forming legally enforceable contracts to act like a monopoly
c. By monitoring the price and output activities of each other
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Social Security is
A) an insurance program operated by the federal government. B) a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement. C) a social insurance program that guarantees that an elderly person will never fall below the poverty level. D) an intergenerational transfer program that only vaguely relates to past earnings.
Suppose that the wage for teachers decreases relative to other occupations. We know that ________ people will work as teachers, and the total number of hours worked will ________.
A. more; increase B. more; decrease C. fewer; increase D. fewer; decrease
Demand is inelastic if
A) a given percentage change in price will result in a less than proportionate percentage change in the quantity demanded. B) demand exhibits zero responsiveness to price changes. C) small price increases will lead to zero quantity demanded. D) a given percentage change in price will result in a greater than proportionate percentage change in the quantity demanded.
A weakness in the ________ study entitled The Limits to Growth is that it did not account for technological change.
A. the Club of Rome's B. the Fed's C. the European Union's D. the World Bank's