A trigger strategy
A) is always a dominant strategy.
B) is used to punish the player that reneges on agreements.
C) is used to reward the player that never reneges on agreements.
D) is a best response whenever all players cooperate.
B
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Explain how a change in tax rates influences aggregate demand and aggregate supply
What will be an ideal response?
The nominal GDP of Year 1 is
A) $800. B) $1050. C) $1900. D) $2400.
Which of the following is false? a. Property rights provide the rules of the economic game
b. Well defined property rights give individuals the incentive to use their property efficiently. c. Owners with property rights have an incentive to conserve their property. d. Owners have no incentive to care what values others place on what they own.
The equation of exchange is a formula indicating that the number of monetary units times
A) the number of times each monetary unit is spent on final goods and services is identical to the price level times real GDP. B) real GDP is identical to the price level times the number of times each monetary unit is spent on final goods and services. C) nominal GDP is identical to the price level times the number of times each monetary unit is spent on final goods and services. D) the price level is identical to the number of times each monetary unit is spent on final goods and services times real GDP.