If each player responds by imitating the action of his opponent in the previous round of a repeating game, the players are following a:
A. commitment strategy.
B. collusion plan.
C. repeated cooperation agreement.
D. tit-for-tat strategy.
Answer: D
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Economic growth is represented on a production possibilities frontier model by the production possibilities frontier
A) becoming flatter. B) shifting inward. C) becoming steeper. D) shifting outward.
Crowding out refers to the government's increased demand for credit, which:
a. displaces some private sector consumption by decreasing the price level. b. displaces some private sector borrowing by decreasing the interest rate. c. displaces some private sector borrowing by increasing the interest rate. d. hires labor away from the private sector e. displaces some import purchases by the private sector.
The question "Should bank withdrawals be conducted by tellers or ATMs?" is an example of which fundamental economic question?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.
The opportunity cost of an action is:
A. the monetary payment the action required. B. the total time spent by all parties in carrying out the action. C. the value of the best opportunity that must be sacrificed in order to take the action. D. the cost of all alternative actions that could have been taken, added together.