If one-time gains from defection are always less than the discounted present value of an infinite time stream of cooperative payoffs at some given discount rate, the decision-makers have escaped
a. the Folk Theorem
b. the law of large numbers
c. the Prisoner's dilemma
d. the paradox of large numbers
e. the strategy of recusal
c
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The total value of all outstanding federal government securities is
A) a flow variable. B) the budget deficit. C) total personal wealth. D) none of the above.
Suppose Larry's Lariats produced 25,000 lassos and sold each for $10. What was the total revenue for the company?
A. $250,000 B. $25,000 C. $2,500 D. $2,500,000
Which of the following terms refers to the time it takes to get a fiscal policy bill passed?
a. recognition lag b. implementation lag c. legislative lag d. budgetary lag
Consider a public road that anyone is allowed to drive on. If the road is often congested, the road would be considered a
a. private good. b. club good. c. common resource. d. public good.