Which concept is best illustrated by the "prisoner's dilemma"?
a. product standardization
b. interaction
c. profit maximization
d. marginal analysis
e. average total cost
B
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If the dollar falls in value compared to other currencies, what will happen in the United States?
A. A decrease in aggregate demand B. An increase in aggregate supply C. A decrease in aggregate supply D. A decrease in the U.S. price level
A version of the battle of the sexes game that results in disaster if each player plays his or her tough strategy is called
A) a prisoner's dilemma game. B) a chicken game. C) an assurance game. D) a pure coordination game.
In a closed economy, the total quantity of goods demanded equals the sum of
A) consumption spending, investment spending, and government spending. B) consumption spending, national saving, and taxes. C) consumption spending, government spending, and taxes. D) investment spending, national saving, and taxes.
What are the three time horizons used to categorize aggregate supply? What is the difference between the immediate short-run and the short-run aggregate supply?
What will be an ideal response?