A private agreement to reduce pollution becomes harder when ______.
a. both parties are fully informed on the effects of the deal
b. ownership of property rights is clearly determined
c. the number of involved parties increases
d. the public can be excluded from enjoying the benefits
c. the number of involved parties increases
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Of the five game types described in this chapter (prisoner's dilemma, pure coordination, assurance, battle of the sexes, chicken), which have a dominant strategy and which have more than one Nash equilibrium in a two-player game?
What will be an ideal response?
If an increase of $5 billion in investment is associated with an increase of $25 billion in real Gross Domestic Product (GDP), the multiplier is
A) 1. B) 3. C) 5. D) 7.
Which of the following examples would illustrate a backward-sloping labor supply-curve?
a. An increase in a person's wages results in the person working fewer hours per week. b. A decrease in a person's wages results in the person working more hours per week. c. An increase in a person's wages results in the person working more hours per week. d. Both a and b are correct.
School Board Voters' Ordered PreferencesDavidErnieFionaNew gymNew libraryNew computer labNew libraryNew computer labNew gymNew computer labNew gymNew libraryIf a pair-wise majority vote was held to determine which school project gets funded, the voters' preferences are shown in the table, and the gym and library are voted on first, which project will win in the end?
A. Gym B. Computer lab C. Library D. It is impossible to predict which project would win.