The outcome of a prisoners' dilemma game with a Nash equilibrium is that ________
A) both players deny
B) one player denies and one player confesses
C) both players confess
D) there is no equilibrium
C
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Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
A) microeconomics. B) social interest versus self-interest. C) macroeconomics. D) why to produce. E) scarcity.
A linear demand curve:
A. has a constant elasticity. B. will be more elastic when price is low and more inelastic when price is high. C. must be either perfectly inelastic or perfectly elastic. D. has a constant slope.
The inflation index that is most favored by economists is the
a. Consumer Price Index. b. GDP Implicit Price Defoliator. c. Producer Price Index. d. Commodity Price Index.
According to the Reverend Thomas Malthus
A. population tends to grow until checked by a shortage of food. B. population tends to grow until checked by a shortage of oxygen. C. population tends to grow unless checked by religious or moral restraints. D. economics is a dismal science.