A prisoner's dilemma can be described as a situation in which
a. a decision maker is uncertain about the potential punishment for something done in the past
b. an individual decision maker finds it in his best interest to pursue a course of action that can lead to a less than desirable outcome for the group
c. producers act so as to avoid maximizing profits because of government retaliation
d. individual firms seeks to maximize their own profits with no regard for the group
e. the summation of individual demand curves creates an inelastic demand curve facing the industry
B
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Explain how the "new growth theory" treats technology differently from the way economists used to treat technology
What will be an ideal response?
The total demand for goods and services at a given price level is also known as
A) autonomous consumption. B) the consumption function. C) equilibrium output. D) planned expenditures.
What is meant by consumer surplus? How is it calculated?
What will be an ideal response?
In 2000, there were around _____ charter schools in the United States
a. 1,000 b. 5,000 c. 10,000 d. 20,000