If one player defects in a repeated game, and his opponent is following a tit-for-tat strategy, we can predict the opponent will:
A. renegotiate.
B. cooperate and try to get his opponent to follow.
C. defect in the next round.
D. collude.
Answer: C
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A contour map illustrates which of the following?
A. The cause–effect relationship between two variables B. The cause–effect relationship between three variables C. The way that three variables are correlated D. The way that one variable affects another, which in turn affects a third variable E. The way that two variables are correlated and in turn cause changes in a third variable
Trina's Tropical Fish Store sells goldfish for $2 each and angelfish for $10 each. What is the opportunity cost of buying a goldfish?
A) 1/5 of an angelfish B) $10 C) $2 D) 5 angelfish
There is no market failure if
A. the marginal private cost curve is upward sloping. B. the demand curve (for a good or service) is downward sloping. C. the demand curve lies about the marginal private cost curve. D. marginal private costs are greater than the external costs associated with a negative externality. E. none of the above
Regarding open economies, economists tend to find evidence that
A) the more closed an economy is, the higher the rate of growth the economy will experience. B) trade tariffs tend to improve economic growth. C) free trade encourages a more rapid spread of technology, and hence increases economic growth. D) open economies tend to have access to smaller markets than do closed economies.