Economies of scale tend to create natural monopolies
a. True
b. False
Indicate whether the statement is true or false
True
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In the prisoners' dilemma, each player is ________ regardless of the other players' actions
A) forced to confess B) forced to deny C) better off confessing D) better off denying E) going to go free
Other things the same, a decrease in velocity means that
a. the rate at which money changes hands falls, so the price level rises. b. the rate at which money changes hands falls, so the price level falls. c. the rate at which money changes hands rises, so the price level rises. d. the rate at which money changes hands rises, so the price level falls.
Suppose that more British decide to vacation in the U.S. and that the British purchase more U.S. Treasury bonds. Ignoring how payments are made for these purchases,
a. the first action by itself raises U.S. net exports, the second action by itself raises U.S. net capital outflow. b. the first action by itself raises U.S. net exports, the second action by itself lowers U.S. net capital outflow. c. the first action by itself lowers U.S. net exports, the second action by itself raises U.S. net capital outflow. d. the first action by itself lowers U.S. net exports, the second action by itself lowers U.S. net capital outflow.
Economists generally do not agree to limit the private and voluntary actions of people, but, in the case of gambling, economists will admit that gambling
A. can be addictive, so regulation could be justified for that reason. B. is immoral, so it must be prohibited. C. teaches people about statistics. D. has external benefits, so it must be subsidized.