Recall the Added Perspective on the prisoner's dilemma. When there is a prisoner's dilemma,
a. the prisoners stick to a joint strategy
b. each prisoner's best strategy is not to confess
c. the prisoners must make a once-and-for-all decision
d. game theory does not apply
e. there is no mutual interdependence
C
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Table 7-4 ? 6 346 490 600 692 775 846 ? 5 316 448 548 632 705 775 ? 4 282 400 490 564 632 692 CAPITAL 3 245 346 423 490 548 600 ? 2 200 282 346 400 448 490 ? 1 141 200 245 282 316 346 ? 0 1 2 3 4 5 6 ? LABOR ? ? ? ? ? The production relationship in Table 7-4 indicates a process characterized by
A. decreasing returns to scale. B. constant returns to scale. C. increasing returns to scale. D. increasing then decreasing returns to scale.
Refer to Figure 12-12. Consider a typical firm in a perfectly competitive industry that makes short-run profits. Which of the diagrams in the figure shows the effect on the industry as it transitions to a long-run equilibrium?
A) Panel A B) Panel B C) Panel C D) Panel D
A shock that could trigger an expansion is a
a. large increase in oil prices b. financial crisis c. sudden cutback in military spending d. large decrease in oil prices e. sudden increase in the interest rate
____ usually increase(s) when the US economy is in recession and decrease(s) when the US economy is expanding
Fill in the blank(s) with the appropriate word(s).