Repeated games are conducive to
A) explicit cooperation.
B) tacit cooperation.
C) corruption.
D) failing to have a Nash equilibrium.
B
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The Fed can change the money supply by buying or selling long-term Treasury bonds. Purchasing long-term securities is commonly called
A) open market operations. B) quantitative easing. C) discount operations. D) federal funds speculation.
Figure 4-10
Refer to . The accompanying graph shows the market for a good before and after an excise tax is imposed. The total tax revenue generated is indicated by
a.
area A + area B + area D.
b.
area A + area B + area C.
c.
area A + area B.
d.
area D only.
An outward shift of an economy's production possibilities curve is not caused by:
A. an increase in capital. B. an increase in labor. C. an advance in technology. D. a decrease in unemployment.
Refer to the information provided in Table 14.1 below to answer the question that follows. Table 14.1B's Strategy ?Raise PriceDon't Raise Price?RaiseA's profit $3,000A's profit $10,000?PriceB's profit $3,000B's profit $15,000A's Strategy????Don'tA's profit $15,000A's profit $5,000?RaiseB's profit $10,000B's profit $5,000Refer to Table 14.1. The Nash equilibrium in the game is
A. (Raise Price, Don't Raise Price). B. (Don't Raise Price, Raise Price). C. (Don't Raise Price, Don't Raise Price). D. Both A and B are correct.