TV crime shows illustrate the prisoner's dilemma when the:
A. police interview suspects in the same room.
B. police interview suspects in different rooms.
C. judge ponders the sentence for the crimes.
D. prisoners go to prison for the first time.
Answer: B
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List and briefly define the three methods government can use to cope with an external cost, such as pollution
What will be an ideal response?
You grow poplar trees. The lumber yard purchases cut trees from you. The trees grow 1 foot per year. Assuming a constant real price per foot for poplar and a real interest rate of 3%, would you sell a 20-foot tree today?
What will be an ideal response?
Trading off capital goods for increasing amounts of consumer goods today will most likely result in
A) increased long-term growth. B) decreased long-term growth. C) decreased prices in consumer goods. D) increases in the quantity of consumer goods.
Which scenario is the BEST example of how the government would act in a mixed market economy?
A) The government requires a factory to produce surplus goods for the use of the military. B) The government stops a factory from producing imitations of an expensive type of purse. C) The government allows only two competitors to offer goods for sale on the country's highways. D) The government imposes a limit on the number of television sets that can be exported annually.