A repeated game:
A. can be finite or infinite.
B. is formed by playing a simpler game many times in succession.
C. is a multiple-stage game.
D. All of these are true about repeated games.
D. All of these are true about repeated games.
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Households in America tend to consume more and more as they grow older
a. True b. False Indicate whether the statement is true or false
Both conservatives and liberals tend to approve of markets because
a. markets are effective in solving many of society's problems. b. markets work well in all cases, and can be relied upon to solve problems. c. their goals are similar enough that they can rely on the same means. d. production is the most important goal, and market systems are very productive. e. of all of the above.
The law of diminishing returns only applies in cases where:
A. There is increasing scarcity of factors of production B. The price of extra units of a factor is increasing C. There is at least one fixed factor of production D. Capital is a variable input
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.