Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Start by cooperating
b. Start the game by punishing the rivals
c. Start the game by cheating on the rivals
d. All of the above
a
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Over the last 50 years, U.S. labor productivity grew the fastest during the ________ because of ________
A) 1990s; advancements in healthcare due to the unlocking of the human genome B) 1980s; the invention of the computer and the oil embargo C) 1970s; an increase in government taxes and expanded regulations D) 1900s; the war on terror and return to the basics of education E) 1960s; fast paced technological change and large increases in human capital accumulation
When the demand for an imperfect competitor's product is greater than it planned, the firm will
A) increase the price of the product until supply equals demand. B) meet the demand at its set price. C) reduce the price until supply equals demand. D) allow a shortage of the product to develop, without changing the product's price.
Exhibit 4-11 Data on supply and demand Bushels demandedper month Price perbushel Bushels suppliedper month 45 $5 77 50 4 73 56 3 68 61 2 61 67 1 57 Which of the following would occur if the government imposed a price floor (support price) of $4 per bushel in the wheat market shown in Exhibit 4-11?
A. Buyers would want to purchase more wheat than is supplied. B. Buyers would not purchase all of the wheat grown. C. Shortage of wheat would increase the price of wheat. D. Farmers would grow less wheat.
Which of the following is the best description of the U.S. tax system?
A. The U.S. tax system is consistently progressive. B. The federal income tax is regressive, but sales, property, and other taxes tend to be progressive. C. The federal income tax is progressive, but sales, property, and other taxes tend to be regressive. D. The U.S. tax system is consistently regressive.