What is the prisoners' dilemma?
What will be an ideal response?
The prisoners' dilemma is that while both not confessing might lead to the best outcome for both prisoners' one cannot know what the other is doing so the dominant strategy for each is to confess whether guilty or not.
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If the United States' unemployment rate is 25 percent and the capacity utilization rate is 50 percent, the economy would be in the midst of a _____________.
Fill in the blank(s) with the appropriate word(s).
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.
In a barter system, there are
A. goods traded directly for other goods and services. B. many different units of money. C. financial institutions to facilitate all exchanges. D. money and goods exchanged for each other.
A sale of government debt as part of open market operations would be an example of
A. contractionary fiscal policy. B. contractionary monetary policy. C. expansionary fiscal policy. D. expansionary monetary policy.