Refer to the scenario above. This is an example of ________
A) a mixed strategy game
B) an ultimatum game
C) a symmetric game
D) a prisoners' dilemma game
B
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If Robinson makes 40 purses or 5 wallets per week, and Chamberlin makes 16 purses or 2 wallets per week, then
A) neither Robinson nor Chamberlin stands to gain by specialization and exchange. B) both would gain through exchange if Robinson specialized in purses, Chamberlin in wallets. C) both would gain through exchange if Robinson specialized in wallets, Chamberlin in purses. D) only Robinson would gain through specialization and exchange.
A change in the slope of an isocost line is due to a change in
A) the price of one or both inputs. B) quantity of output. C) total cost. D) the output price.
Which of the following statements about economic efficiency is not true?
a. Economic efficiency is equivalent to Pareto optimality. b. Economic efficiency can be determined normatively. c. Economic efficiency is superior to equity. d. Economic efficiency can be evaluated positively.
The main duty of the Environmental Protection Agency (EPA) is to: a. assure safe work places
b. prevent crime. c. enforce environmental standards. d. regulate air transport. e. regulate rates charged by generators of nuclear energy.