Actions that ignore the possible long-run benefits of cooperation and focus solely on short-run gains are
A) a zero-sum game.
B) a negative-sum game.
C) tit-for-tat strategic behavior.
D) opportunistic behavior.
D
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What is a welfare state?
What will be an ideal response?
A Dutch auction is a(n) ________
A) sealed-bid first-price auction B) sealed-bid second-price auction C) penny auction D) open outcry auction
Most economists support the idea of peak-load pricing on the grounds of
A. fairness in income distribution. B. efficiency in input usage. C. equality of opportunity. D. efficiency in output allocation.
Which of the following is a microeconomic question? a. How will a nation reduce the rate of inflation?
b. How will economic growth affect unemployment? c. How will a consumer maximize his utility? d. What are the factors that determine the standard of living in a country?