The prisoners’ dilemma illustrates the conflict between ______ and ______.
a. monopoly; perfectly competitive markets
b. individual rationality; group rationality
c. cartels; non-colluding oligopolists
d. game theory; dominant strategies
b. individual rationality; group rationality
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Among the United States, Canada, Russia, India, and the United Kingdom, the country with the highest average income per person is
A) the United Kingdom. B) India. C) Canada. D) Russia. E) the United States.
The German government carries out an official foreign exchange intervention in which it uses dollars held in an American bank to buy French currency from its citizens. How is this accounted for in the balance of payments?
A) current account, French good export B) current account, German good import C) financial account, French asset export D) financial account, German asset export E) financial account, German asset import
It is ______ to make utility comparisons between two different people.
a. rational b. complicated c. ethical d. impossible
The paradox of thrift suggests that
A. "a penny saved is a penny earned." B. as consumption increases, saving decreases. C. the less you pay, the lower the satisfaction. D. attempts to save more may actually reduce total saving.