The prisoner's dilemma is an example of a:
A. nonstrategic game.
B. cooperative game.
C. noncooperative game.
D. sequential game.
Answer: C
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When U.S. house prices began to fall in 2007:
A. most people negotiated lower mortgage rates, so few were forced to sell their houses. B. banks made it difficult for homeowners to negotiate higher mortgage rates, which led to a decrease in the supply of houses. C. many Americans were forced to sell their homes because they could no longer take out loans against the rising value of their houses. D. the demand for affordable housing increased, leading house prices to stabilize.
The "lemons problem" is overcome in the used car market by
A) strict government regulation of private deals between individual buyers and sellers of used cars. B) most used cars selling for well below their true values. C) "lemon insurance" policies being offered by insurance companies. D) the existence of used car dealers who are concerned about maintaining their reputations.
The American Federation of Labor was formed in 1886 as a dissident group from the
A) Knights of Labor. B) Knights of Pythias. C) Masonic Lodge. D) Knights of Columbus.
As a result of ________, the incomes of the top 1% of income earners during the 1970s were understated.
A. the rapid decrease in the proportion of Americans filing tax returns B. the special tax treatment of capital gains C. the increase in consumption levels D. the expansion of the non-refundable ETIC