Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Do not be forgiving
b. Be forgiving
c. Punish the competitors severely forever
d. All of the above
b
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A payment for a resource above the opportunity cost of the resource is
A) economic rent. B) social rent. C) nominal rent. D) real rent.
Monetarists accept the idea that velocity is not constant; nonetheless, they believe that it is still highly:
a. constant. b. unpredictable, ill-behaved, and independent of money supply. c. unpredictable, well-behaved, and dependent of money supply. d. predictable. e. variable.
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch.
If before Tracy chose, Amy could make a credible commitment to choose either the top or bottom branch when her turn came, then Amy would commit to the ________ branch and Tracy would choose the ________ branch.
A. bottom; top B. top; bottom C. top; top D. bottom; bottom
For the highest quintile, the share of market income going to that quintile is
A. equal to the other quintiles for after-tax income but greater for that quintile for before-tax income when compared to the other quintiles. B. lower for after-tax income than for before-tax income. C. higher for after-tax income than for before-tax income. D. greater for that quintile for after-tax income when compared to the other quintiles but equal to the other quintiles for before-tax income.