An action that is the best choice under all conditions is known as the
A. prisoner's dilemma.
B. dominant strategy.
C. tit-for-tat strategy.
D. profit-maximizing strategy.
Answer: B
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Which of these options best reflects Jim’s opportunity cost of operating his own business?
A. The total amount of money he spends to obtain capital equipment B. The value of Jim’s managerial skills that are used to run the business C. The cost of hiring his laborers D. All of the responses are correct.
Which of the following is not an example of efficiency wages?
a. More productive workers are paid more to reflect their higher output. b. Higher wages induce higher output from workers. c. Better quality applicants apply for jobs that pay above-equilibrium wages. d. Workers are less likely to leave jobs that pay above-equilibrium wages.
A Mexican oil field service company works on oil rigs in the U.S. The value of the company's services produced by Mexican citizens and the equipment they own is included in
a. Mexican GNP and U.S. GNP. b. Mexican GDP and U.S. GNP. c. Mexican GNP and U.S. GDP. d. Mexican GDP and U.S. GDP.
Typical goals for fiscal policy are
A. high employment and price stability. B. running high deficits and raising consumer prices. C. high prices for consumers and low prices for businesses. D. increasing the money supply so the government can spend more.