The table above shows the payoff matrix for a prisoners' dilemma game. The Nash equilibrium is that
A) both prisoners do not confess.
B) both prisoners confess.
C) prisoner A confesses while prisoner B does not confess.
D) prisoner A does not confess while prisoner B confesses.
B
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Observations of inflation in the 1970s prompted what further addition to the Phillips curve?
A) price shocks B) expected inflation C) personal consumption expenditures D) all of the above E) none of the above
Which of the following is an example of a positive economic statement?
a. The economy's real output increased at about 3 percent last year and the unemployment rate decreased. b. A central bank should not print too much money because inflation could result. c. Congress should stabilize the social security system by raising taxes now. d. The government farm products surplus should be distributed to the needy.
Average variable cost will decrease if __________
Fill in the blank(s) with correct word
The money supply in Econland is 1,000, and currency held by the public equals bank reserves. The desired reserve-deposit ratio is 0.25. Bank reserves equal ________.
A. 800 B. 500 C. 200 D. 250