Recall the Application about the economics professor who caught three students cheating on their final exam to answer the following question(s).Recall the Application. Which of the following facts in the scenario make it a prisoners' dilemma?
A. The student's dominant strategy is to confess.
B. The game is played simultaneously.
C. Each student had two options, confess or not confess.
D. All of these are correct.
Answer: D
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Assuming all else equal, if households are pessimistic about their future income, it is likely to cause a(n):
A) upward movement along their credit demand curve. B) rightward shift of their credit demand curve. C) downward movement along their credit demand curve. D) leftward shift of their credit demand curve.
Demand for science fiction novels is elastic and supply of science fiction novels is inelastic. When the government puts a $2.00 tax on science fiction novels,
a. buyers will pay most of the tax. b. sellers will pay most of the tax. c. buyers and sellers will split the tax evenly. d. elasticity has nothing to do with who pays the tax.
The lack of investment in developing countries is at least in part attributable to:
A. high levels of foreign aid. B. low levels of domestic savings. C. inappropriate education. D. overpopulation.
About ________ of pharmaceutical patents are issued to U.S. firms
A) 10 percent B) one-half C) two-thirds D) 90 percent