The strategy that worked best in Axelrod's experiments using the Prisoners' Dilemma game was to
A) play the "cooperate" ("don't confess") strategy.
B) play the "defect" ("confess") strategy.
C) alternate between "cooperate" and "defect" strategies.
D) play the "cooperate" strategy at first, and from then on do whatever the other player did in the previous round, cooperating if the other player did, and defecting if the other player did.
E) play the "cooperate" strategy in the first round, and from then on cooperate so long as the other player does, but if the other player defects, then play the "defect" strategy from that time forward.
D
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Setting a price support in the market for sugar beets above equilibrium price ________ the quantity produced and ________ the quantity bought by consumers
A) decreases; decreases B) increases; decreases C) decreases; increases D) increases; increases E) does not change; increases
A new law applied to a competitive market that requires that laid off workers be paid a large severance payment will
A) not generate a deadweight loss. B) increase total welfare. C) increase consumer surplus in the market. D) decrease consumer surplus in the market.
Which of the following is an example of the Fed's use of unconventional monetary policy?
a. buying assets other than Treasury bills b. participating in rescue operations for troubled financial institutions c. lending massive amounts to banks and other financial institutions d. all of the above
Answer the following statement(s) true (T) or false (F)
1. The production possibilities curve highlights the concept of trade-offs 2. An economy operating inside the production possibilities curve is efficient. 3. Misallocation of resources can lead to inefficiency. 4. If an economy uses all its resources efficiently, it will operate at a point beyond its current production possibilities curve.