A tit for tat strategy
a. Generates the same result as the prisoner's dilemma
b. Provides a way to punish rivals who defect from the jointly optimum behavior
c. Means that a firm would cooperate as long as other firms cooperated.
d. Both b. and c. are true
d
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Government spending on a transfer payment is illustrated by
a. interstate highways b. elementary and high school education c. community colleges d. land-grant universities e. agricultural subsidies
Total producer surplus in a market is measured as the
A) area bounded above the market clearing price and beneath the market demand curve. B) area bounded below the market clearing price and above the market supply curve. C) vertical distance from the horizontal (quantity) axis to the market clearing price. D) horizontal distance from the vertical (price) axis to the equilibrium quantity.
________ increases potential GDP
A) A decrease in the money wage rate B) A recessionary gap C) A recession D) An increase in the amount of human capital E) An increase in aggregate demand
In the early 2000s, the Fed's ____________ interest rate policy had several effects. Among these effects were a _______________ in mortgage interest rates and a(n) ____________ in the size of loans taken out by mortgage borrowers
A) high; decline; decrease B) low; decline; increase C) low; rise; increase D) high; rise; increase