In the prisoner's dilemma setting for stealing and producing, both participants end up __________, which turns out to be ________________________ stolen. The government _________ make both participants better off by changing the payoff matrix
A) stealing; better for them than if they had both not; can
B) stealing; worse for them than if they had both not; can
C) not stealing; better for them than if they had both; cannot
D) not stealing; worse for them than if they had both; cannot
B
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When a rent ceiling law is passed in a city, which of the following occurs?
A) The total price of renting an apartment decreases to all renters. B) The quantity of apartments supplied does not change. C) Some landlords and renters use methods such as "key money" to get around the rent ceiling law. D) Renters have no trouble finding a nice, reasonably priced apartment to rent. E) Generally the number of renters in the city increases because people move to the city to take advantage of the low-rent apartments.
The indifference curve between expected return and the standard deviation of return for a risk-averse investor
A) is downward-sloping. B) is upward-sloping. C) is horizontal. D) is vertical. E) can take any shape.
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The monetarists believed that
A. the way to fight recessions was by means of fiscal policy. B. the quantity theory of money has a great deal of validity. C. recessions generally come about because the Federal Reserve is not allowing the money supply to grow fast enough. D. the money supply should be allowed to grow at least 8 percent a year.