What is a prisoner's dilemma?
A) a game in which players act in rational, self-interested ways that leave everyone worse off
B) a game that involves no dominant strategies
C) a game in which players collude to outfox authorities
D) a game in which prisoners are stumped because they cannot communicate with each other
A
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Which of the following is NOT a component of value added of a firm?
A) profits B) wages C) interest D) expenditures on intermediate goods
Which of the following provides the clearest example of human capital?
A) Automated equipment that can be used without any accompanying human labor B) Corporate stock owned by individuals and families rather than institutions such as mutual funds or corporations C) Machinery that has been designed and constructed by human beings D) Tools that cannot be used effectively except in combination with workers E) The ability to read
Which of the following is not considered an ultimate target that the monetary authority attempts to control?
a. Growth in real GDP b. The rate of unemployment c. The rate of inflation d. The money supply
The relative price of a good is that price
A) expressed in today's dollars. B) expressed in constant 2012 dollars. C) expressed in terms of the price of another good. D) that is equal to the equilibrium price.