If you are following a tit-for-tat strategy in a repeated game, and your opponent makes a cooperative move, you will:
A. collude.
B. price compete.
C. defect.
D. make a cooperative move in the next round.
Answer: D
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All transaction deposits are included in
A) M1 only. B) M2 only. C) both M1 and M2. D) savings balances only.
The ability of price-taker firms to freely expand or contract their businesses and to enter or exit the market means that
a. prices will always be high enough to generate positive economic profit. b. resources that would be more valuable elsewhere will be trapped, unproductively, in a particular industry. c. resource owners cannot move their resources to other areas where they would be more highly valued. d. resources that would be more valuable elsewhere will not be trapped, unproductively, in a particular industry.
The slope of the total production curve becomes:
A. negative when marginal product decreases. B. flatter when marginal product decreases. C. steeper when marginal product decreases. D. None of these is true.
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