From 1965 to 2013, the average real wage for all workers has ________
A) fallen
B) risen
C) remained essentially unchanged
D) risen in economic contractions and fallen in economic expansions
C
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q385g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />This game is ________ because ________.
A. not a prisoner's dilemma; cheating is better for both
B. a prisoner's dilemma; not cheating is better for both
C. not a prisoner's dilemma; OPEC does not have a dominant strategy
D. a prisoner's dilemma; cheating is better for both
Growth accounting is seen a useful way to estimate this inputs contribution to growth:
A. technology. B. physical capital. C. labor. D. land.
If a change in the U.S. price level caused U.S. imports to increase, it must be true that the price level:
A. increased. B. decreased. C. became elastic. D. became negative.
Firms ________ in monopolistic competition due to product differentiation.
A. gain control over price B. have blocked entry C. have no control over price D. are limited in number