Two goods are ______ when an increase (decrease) in the price of one good causes an increase (decrease) in the demand for the other good.
a. tributes
b. detriments
c. complements
d. substitutes
d. substitutes
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Prisoner's dilemma games imply that cooperative behavior between two people or two firms always breaks down. But reality teaches us that people and firms often cooperate successfully to achieve their goals
Why do the results from prisoner's dilemma games fail to predict real-world results? A) Prisoner's dilemma games do not permit people or firms from reneging on agreements, which often occurs in real-word situations. B) Most real-world situations involve more than two people or firms; the prisoner's dilemma is only applicable to situations that involve two parties. C) The prisoner's dilemma does not apply to most business situations that are repeated over and over. D) Prisoner's dilemma games predict the behavior of people and firms that engage in illegal activity; most people and firms do not resort to illegal activity.
Refer to Figure 22-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) real GDP per hour worked will be lower in 2016 than it was in 2012. B) the per-worker production function will get flatter over time. C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016. D) the per-worker production function will shift up every year there is increase in capital per hour worked.
How does an increase in the price level lead to a higher interest rate?
What will be an ideal response?
In the Malthusian model, the population growth rate is
A) exogenous. B) positively related to consumption per worker. C) negatively related to consumption per worker. D) assumed to be constant.