If there is no single strategy that is best regardless of other players' behavior:
A. the dominant strategy will be to defect.
B. there is no dominant strategy.
C. a noncooperative equilibrium is the only possible outcome.
D. the game is called a Prisoners' dilemma.
Answer: B
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When the Fed buys a $10,000 bond from a bond dealer
A) reserves of the banking system remain unchanged, but the money supply increases by $10,000. B) reserves of the banking system increase by $10,000, but the money supply will only be able to increase by something less than this amount. C) reserves of the banking system increase by $10,000, but the money supply can increase by more than $10,000. D) reserves of the banking system remain unchanged, but the money supply decreases by $10,000.
You turn to the bond market page of a newspaper and look under the column headed "Close" and see that it says, "49 1/2" this indicates that
A. the closing price for the bond on this particular day is $495. B. the closing price for the bond on this particular day is $49.50. C. the closing price for the bond was $49.50 higher than on the previous trading day. D. the bond will mature on June 30, 2049.
Cyrus McCormick is best known for
a. manufacturing the mechanical reaper. b. developing hybrid strains of corn. c. introducing chemical fertilizers. d. the invention of the single-horse plow.
The choice of a voter to remain uninformed because the marginal cost of obtaining information is greater than the marginal benefit from obtaining knowledge is called:
a. irrational ignorance. b. rational ignorance. c. collective interest. d. choice.