The ways to escape a prisoner's dilemma is to
A) make commitments and play the game repeatedly.
B) collude.
C) find a dominant strategy.
D) give up the game.
A
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If the growth rate of real GDP rises from 3% to 4% per year, then the number of years required to double real GDP will decrease from
A) 11.2 years to 10.8 years. B) 23.3 years to 17.5 years. C) 28.0 years to 21.0 years. D) 23.3 years to 20.6 years. Table 21-1 Year Real GDP (billions of 2000 dollars) 2013 $8,700 2014 8,875 2015 9,000 2016 9,280
Free goods are usually efficiently allocated without government intervention
a. True b. False Indicate whether the statement is true or false
The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. If the United Kingdom and the rest of the world begin to trade with each other, the international price of corn will lie between ________ and Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. three umbrellas per bushel of corn; eight umbrellas per bushel of corn. B. 1/8 of an umbrella per bushel of corn; 1/3 of an umbrella per bushel of corn. C. 1/8 of an umbrella per bushel of corn; eight umbrellas per bushel of corn. D. 1/3 of an umbrella per bushel of corn; three umbrellas per bushel of corn.
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis Table 1.3, what is gained by producing at point M rather than point N?
A. 2 combs. B. 23 combs. C. 1 comb. D. 21 combs.