A prisoner's dilemma is
A) stable.
B) the best equilibrium possible.
C) inefficient.
D) efficient.
C
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U.S. census data suggests that
A) income inequality has been increasing since 1980. B) income inequality has been decreasing since 1980. C) income inequality was nonexistent in the 1990s. D) the percentage of families living below the poverty line has surged since the 1980s.
Refer to the above figures. A negative externality exists that has not been corrected. Price and quantity will be
A) P1 and Q1. B) P2 and Q2. C) P3 and Q3. D) P4 and Q4.
If the price of domestically produced power tools increases, then
a. the consumer price index and the GDP deflator will both increase. b. the consumer price index will increase, and the GDP deflator will be unaffected. c. the consumer price index will be unaffected, and the GDP deflator will increase. d. the consumer price index and the GDP deflator will both be unaffected.
Economists define technology as
A. entrepreneurship. B. society's knowledge concerning the production of goods. C. absolute advantage. D. machines such as computers.