In repeated games:
A. cooperation never happens.
B. players always cooperate and enjoy a mutually beneficial equilibrium.
C. a noncooperative outcome is more likely than in a single-round game.
D. a cooperative outcome is more likely than in a single-round game.
Answer: D
You might also like to view...
Which of the following statements accurately describes the two measures of the money supply?
A) The two measures do not move together, so they cannot be used interchangeably by policymakers. B) The two measures' movements closely parallel each other, even on a month-to-month basis. C) Short-run movements in the money supply are extremely reliable. D) M2 is the narrowest measure the Fed reports.
When a commercial bank borrows from a Federal Reserve bank,
a. the commercial bank's reserves are reduced. b. the commercial bank's lending ability is increased. c. the money supply automatically declines. d. the net worth of the bank will decline, indicating that the bank is having financial difficulties.
Which of the following statements explains why trading partners are often concerned about each other's labor standards?
I. From a humanitarian perspective, people do not want to buy products if workers are in oppressive conditions. II. Unions realize that low standards for labor will be less costly, and those products will compete more effectively with products produced at home. III, Some nations do not enforce their own lax labor standards, but have also signed on to trade agreements. a. I b. II c. II and III d. I, II, and III
Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to
a. increase the total revenue of wheat farmers.
b. decrease the total revenue of wheat farmers.
c. decrease the demand for wheat.
d. decrease the supply of wheat.