An action that is the best choice under all conditions is known as the
A) profit-maximizing strategy.
B) prisoner's dilemma.
C) tit-for-tat strategy.
D) dominant strategy.
Answer: D
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Which of the following creates difficulties in making comparisons of real GDP across nations?
A) Each nation has a different population. B) Relative prices differ sharply across countries. C) Nations produce different goods and services. D) Nations often have different languages.
All but the most primitive societies use money as a medium of exchange, implying that
A) the use of money is economically efficient. B) barter exchange is economically efficient. C) barter exchange cannot work outside the family. D) inflation is not a concern.
Everything else held constant, if the sum of the required reserve ratio and the excess reserve ratio is less than one, an increase in the currency-checkable deposit ratio will mean
A) an increase in currency in circulation and an increase in the money supply. B) an increase in money supply but no change in reserves. C) a decrease in the money supply. D) an increase in currency in circulation but no change in the money supply.
Why do most people choose to specialize in a narrow set of skills for their work, rather than to learn a little bit about several varied fields of endeavor?
A. They are unaware of how much better off they would be if they diversified their skills. B. They feel that doing so will minimize their chances of being unemployed. C. They don't correctly perceive the costs of being so specialized. D. It allows them to earn more income by being more productive.