The result of a prisoner's dilemma is _____
a. individuals pursuing their own interests are acting for the group interest
b. individuals pursuing the group interest are acting against their own interests
c. individuals pursuing their own interests are acting against the group interest
d. individuals pursuing the group interest are acting for their own interest
c
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In a perfectly competitive resource market, the Marginal Revenue Product Curve is
A) vertical. B) horizontal. C) downward sloping. D) upward sloping.
Individual demand curves are summed horizontally to obtain the market demand curve
a. True b. False Indicate whether the statement is true or false
Situation 4-1 During the winter of 1973-74, a general system of wage and price controls (including a price ceiling on gasoline) was in force in the United States. At the beginning of 1974, some oil-producing countries imposed an oil embargo (a legal prohibition on commerce) on the West. In the spring of 1974, price controls were abolished. Refer to Situation 4-1. An economist would have most
likely predicted that the oil embargo imposed in 1974 would result in a A) leftward shift in the supply (curve) of gasoline. B) rightward shift in the supply (curve) of gasoline. C) leftward shift in the demand (curve) for gasoline. D) rightward shift in the demand (curve) for gasoline. E) both a and d
Which of the following is an example of U.S. foreign direct investment?
a. A Greek company opens a cheese factory in the U.S. b. A German mutual fund buys stock issued by a U.S. corporation. c. A U.S. beverage company opens a bottling plant in Russia. d. A U.S. bank buys bonds issued by an Argentinean company.