________ is a repeated game strategy in which a player responds in kind to an opponent's play.
A. Maximin
B. Tit-for-tat
C. Price leadership
D. Prisoners' dilemma
Answer: B
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The quantity of money in circulation in the United States is managed by
A) The Securities Exchange Commission. B) The United States Treasury. C) The Federal Reserve System. D) Wall Street.
When an individual is frictionally unemployed, the unemployment arises from
A) a short-term elimination of jobs because of a slowdown in business activity. B) imperfect labor market information which requires individuals to search for appropriate employment. C) the permanent elimination of jobs because of a change in the structure of the economy. D) a reduction in the overall demand for labor's skills.
All games involve which of the following?
A. Full information B. Payoffs C. A predictable outcome D. A game master
What primary function is money serving when you keep it in a bank account until you need it to purchase a product?
A. A double coincidence of wants. B. A medium of exchange. C. A unit of account. D. A store of value.