The use of psychological incentives to solve commitment problems would be least effective in games played:
A. once between strangers.
B. repeatedly between strangers.
C. repeatedly between family members.
D. once between family members.
Answer: A
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Answer the next question on the basis of the following information about the opportunity costs of two products-fish (F) and chicken (C)-in countries Singsong and Harmony. Assume that production occurs under conditions of constant costs and these are the only two nations in the world. Finally, the opportunity costs of fish in terms of chicken are: Singsong: 1F = 2C, Harmony: 1F = 4C. Which one of the following would not be feasible terms for trade between Singsong and Harmony?
A. 1 fish for 3 chickens B. 1 fish for 2-1/2 chickens C. 1 chicken for 1/5 of a fish D. 1 chicken for 1/3 of a fish
Draw a demand and supply curve for a competitive product, making sure to clearly label the axis. Give a brief explanation for why the resulting equilibrium is economically efficient
What will be an ideal response?
Which of the following is not a step involved in cost-benefit analysis?
a. Conversion of the costs and benefits to dollar terms. b. Enumeration of the costs and benefits. c. Enumeration of the special interests. d. Enumeration of the options.
The market where banks borrow from other banks for short periods of time is the:
a. discount market. b. federal funds market. c. inter-bank loan market. d. national bank market. e. liquidity market.