The Folk Theorem says that anything can happen in infinitely repeated games.
Answer the following statement true (T) or false (F)
False
Rationale: The Folk theorem tells us that any average payoff in the convex hull of simultaneous move game payoff pairs can arise in Nash equilibria when the game is repeated infinitely many times.
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Mutually Assured Destruction was a standing policy during the Cold War, in which the United States and the USSR maintained and expanded nuclear arsenals beyond practical levels. What could explain such a phenomenon?
A) insane public officials who were bent on world domination B) a prisoner's dilemma C) a leader-follower type game D) tacit collusion
In the United States, the dramatic increase in government social spending since the mid-1960s has
a. made incomes less equally distributed b. made incomes equally distributed c. not greatly increased the money income share of the poorest fraction of the population d. greatly increased the money income share of the richest fraction of the population e. decreased the percentage of families in the lowest fifth
Thinking about the Coase theorem, the private solution yields ________ amount of efficiency and ________ distribution of surplus as compared to a government solution.
A. the same; a different B. the same; the same C. a different; the same D. a different; a different
The public debt is the sum of all previous:
a. Budget deficits of the Federal government b. Expenditures of the Federal government c. Budget surpluses minus the current budget deficit of the Federal government d. Budget deficits minus any budget surpluses of the Federal government