The essence of a prisoner's dilemma setting is that if both person A and person B do what is best for each of them,
A) they end up in a position that is "the best" for each of them.
B) they end up in a position that is "the worst" for each of them.
C) one ends up in a position that is "the best" for him and the other ends in a position that is "the worst" for him.
D) they end up in a position from which each would prefer to move away.
E) none of the above
D
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Goods are ________ when the income elasticity of demand is positive
A) complements B) elastic C) inferior D) substitutes E) normal
A graph shows that as fees to use ATM machines increase, people use them less frequently. The graph of this relationship would show
A) an inverse relationship. B) a negative relationship. C) a direct relationship. D) Both answers A and B are correct.
According to supply-side theory, if one starts from a balanced budget, a cut in taxes will tend to cause ________
A) a budget deficit B) no change in the federal government budget C) a decrease in aggregate supply and an increase in aggregate demand D) a budget surplus
In the short run, open-market sales
a. increase the price level and real GDP. b. decrease the price level and real GDP. c. increases the price level and decreases real GDP. d. decreases the price level and increases real GDP.