Tit-for-tat is a ________ game strategy in which a player ________ an opponent's play.
A. single; responds in kind to
B. single; ignores
C. repeated; ignores
D. repeated; responds in kind to
Answer: D
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To what phenomenon does "Solow's Paradox" refer?
A) the failure of the Solow growth model to incorporate endogenous growth variables B) the absence of any measured effect of new computer technology on productivity statistics. C) the absence of any long term effect of saving on economic growth rates in the Solow growth model D) the failure of the Solow growth model to predict non-convergence of poor countries
Which of the following terms refers to federal spending and borrowing causing interest rates to rise and business investment to fall?
a. recognition lag b. implementation lag c. legislative lag d. crowding out
One problem with using monetary policy to address "bubbles" in asset markets is that:
A. the Federal Reserve is better than financial-market professionals at identifying bubbles. B. the Federal Reserve is not interested in stabilizing output. C. reducing the real interest rate to deal with the bubble could lead to inflation. D. monetary policy is not a very good tool for addressing the problem of inappropriately high asset prices.
Generally, we calculate elasticity as the
A. percentage change in price divided by the percentage change in quantity demanded/ supplied
b. percentage change in quantity demanded/ supplied divided by the change in price
c. percentage change in quantity demanded/ supplied divided by the percentage change in price
d. change in quantity demanded/ supplied divided by the change in price