The tit-for-tat strategy only works for a prisoner's dilemma that:
A. is repeated.
B. is played only one time.
C. has only one Nash equilibrium.
D. does not have a Nash equilibrium.
Answer: A
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The public debt can be thought of as
A) the total amount the government spends for goods and services. B) the total amount consumers owe on their credit cards. C) accumulated budget deficits and surpluses. D) the total amount in taxes consumers pay to the government.
If autonomous spending decreases, then
A) the expenditure multiplier means that equilibrium expenditure increases by a larger amount. B) the expenditure multiplier means that equilibrium expenditure increases by a smaller amount. C) equilibrium expenditure does not change. D) the expenditure multiplier means that equilibrium expenditure decreases by a larger amount. E) equilibrium expenditure decreases by the same amount.
Suppose the price of a can was $5.14. In this case, to maximize its profit the firm illustrated in the figure above would
A) increase its production and would make an economic profit. B) not change its production and would make zero economic profit. C) not change its production and would make an economic profit. D) increase its production and would incur an economic loss. E) not change its production and would incur an economic loss.
The working-age population is divided between those people in the labor force and those people unemployed
Indicate whether the statement is true or false