The term prisoners' dilemma
a. refers only to situations where prisoners' must confess on one another.
b. is in agreement with Adam Smith's invisible hand idea.
c. represents situations where people do not act in their own self interest.
d. can be applied to show why cartels are difficult to maintain.
d. can be applied to show why cartels are difficult to maintain.
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The main policy-making body of the Federal Reserve System is the
A) Board of Governors. B) Federal Open Market Committee. C) Federal Reserve Banks. D) member commercial banks.
In the Keynesian model, the difference between no intervention by the government during a recession and intervention using expansionary monetary or fiscal policy is that no intervention will return the economy to its equilibrium level of output
A) faster than intervention will and at a lower price level. B) slower than intervention will and at a higher price level. C) slower than intervention will and at a lower price level. D) faster than intervention will and at a higher price level.