Answer the following statement(s) true (T) or false (F)
1. The Axelrod study shows that "Tit-for-Tat" is a successful strategy for playing a repeated Prisoners' Dilemma game.
2. The Peltzman study shows consumers overall have benefited from the requirement that drug manufacturers prove the safety and effectiveness of their products.
3. Consumers will be better off when the government imposes minimum quality standards.
4. The Stigler and Friedland study shows that regulation always has significant effects on price, although those effects may be positive or negative.
5. Contestable market conditions will cause a natural monopoly to produce the competitive quantity.
1. True
2. False
3. False
4. False
5. False
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On the evening news you hear of a scientific study that directly links premature births to cigarette smoking. This is an example of
A) direct-model evidence. B) informed voter-model evidence. C) structural-model evidence. D) reduced-form evidence.
Since 1930, U.S. agriculture employment
a. has decreased while agricultural output has increased. b. has increased while agricultural output also has increased. c. has decreased while agricultural output also has decreased. d. has increased while agricultural output has decreased.
If $1 is worth 0.70 euros, then 1 euro is worth:
A. $7.43. B. $1.43. C. $7.00. D. $0.70.
The interest rate that banks use as a benchmark rate for interest rates on a wide range of loans to businesses and individuals is the:
a. Federal funds rate b. Real interest rate c. Discount rate d. Prime interest rate