Which of the following statements concerning the prisoner's dilemma is TRUE?
A) The player who moves last will always win.
B) Confessing is the dominant strategy for both players.
C) Neither player will pick the dominant strategy.
D) The player who moves first will always win.
Answer: B
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When technology increases the supply of a good and lower prices increase the quantity demanded,
A) the economy is reallocating resources to achieve an efficient allocation. B) consumer surplus falls. C) the invisible hand is unnecessary. D) the marginal benefit of the good increases with the quantity produced. E) the economy is no longer efficient because the quantity changes.
What is the source of comparative advantage in the Heckscher-Ohlin model?
What will be an ideal response?
The slope of the LM is not influenced by
A) the gap between money demand and supply. B) the interest rate sensitivity of money supply. C) the interest rate sensitivity of money demand. D) The slope of the LM curve is influenced by all of the above.
In Ordinary Least Squares Regression, the gap between the value of the dependent variable and the predicted value is called
A) the error term. B) the minimizing coefficient. C) the residual. D) the explanatory variable.