Which of the following is true of a prisoners' dilemma game?
A) A prisoners' dilemma game has multiple Nash equilibria.
B) There is no dominant strategy equilibrium in a prisoners' dilemma game.
C) The dominant strategy equilibrium in a prisoners' dilemma game is also the Nash equilibrium.
D) The prisoners' dilemma game is an extensive-form game.
C
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The trade-to-GDP ratio for a nation that had $600 million in exports, $400 million in imports, and GDP of $2,000 million would be
A) 0.1. B) 0.2. C) 0.5. D) -0.1.
Policy activists' hope that they can undertake successful stabilization policy is ________ by the fact that natural real GDP ________ during recessions
A) improved, falls B) worsened, falls C) improved, increases D) worsened, increases
Which of the following is the best definition of money?
a. anything generally accepted as a payment for goods or repayment of debt b. anything that is a liability of the federal government c. anything that is a liability of a commercial bank d. coins and currency in the hands of the public
Refer to the diagram. If actual production and consumption occur at Q 2 :
A. efficiency is achieved.
B. an efficiency loss (or deadweight loss) of a + b + c + d occurs.
C. an efficiency loss (or deadweight loss) of a + c occurs.
D. an efficiency loss (or deadweight loss) of e + f occurs.