The key point about a TIT for TAT strategy is _____
a. it is confusing to others
b. it leads to sub-optimal outcomes
c. that over time it encourage cooperation
d. that it leads to a one time victory
c
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On a graph of the consumption function, where the consumption function crosses the 45 degree line,
A) there is no saving and no dissaving. B) disposable income is zero. C) the maximum level of disposable income is earned. D) there are no tax payments. E) induced consumption equals zero.
The free-rider problem may arise in case of ________
A) public goods B) private goods C) club goods D) inferior goods
Under the Bretton Woods system, participating countries
A) pegged their currencies to the U.S. dollar. B) maintained a fixed exchange rate with gold. C) allowed their currencies to float freely. D) pegged their values to the British pound.
What role does population growth play in economic development?