Consider two people involved in a marriage or relationship. If, when one person is caught cheating on their agreement, the other divorces or leaves them, then they are using a:
A. tit-for-tat strategy.
B. grim-trigger strategy.
C. dominant strategy.
D. predatory strategy.
Answer: B
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Which statement is true?
A. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for free trade. B. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for protection. C. Dollars are used for all international transactions. D. None of these statements are true.
Standardized goods and services sold in the market are likely to have high switch-over costs
Indicate whether the statement is true or false
When opening a print shop you need to buy printers, computers, furniture, and similar items. Economists call these expenditures
a. capital investment. b. investment in human capital. c. business consumption expenditures. d. personal saving.
The budget of an unconstrained government is similar to a common pool resource, and this will lead to
A) lower interest rates and spending levels consistent with economic efficiency. B) excessive spending and budget deficits. C) lower taxes and a deficient level of spending. D) a deficient level of spending and budget surpluses.