A strategy that limits defection in a repeated prisoner's dilemma game is:
A. a tit-for-tat strategy.
B. an ultimatum bargaining game.
C. a Nash equilibrium.
D. a cartel.
Answer: A
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Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country B B. Country D C. Country A D. Country E
Comparative advantage is
A) the ability to perform an activity at a lower opportunity cost than anyone else. B) the ability to perform an activity at a higher opportunity cost than anyone else. C) the ability to perform an activity at a zero opportunity cost. D) another name for absolute advantage.
Fear of a major recession causes stock prices to fall, everything else held constant, which in turn causes consumer spending to
A) increase. B) remain unchanged. C) decrease. D) cannot be determined.
A person will choose to work another hour if the benefit of another hour of work is:
A. greater than the opportunity cost. B. exactly equal to the opportunity cost. C. less than the opportunity cost. D. exactly equal to the average total cost to the firm.