One justification for the creation of a federal level of government is:
A. greater responsiveness to the will of the voters.
B. to encourage local diversity in the types of public goods provided.
C. economies of scale in the provision of military defense.
D. the ability to deficit spend.
Answer: C
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When duopoly games are repeated and a "tit for tat" strategy is used,
A) the competitive outcome is more likely to be reached than when the game is played once. B) the monopoly outcome is more likely to be reached than when the game is played once. C) both firms begin to incur economic losses. D) one firm goes out of business. E) Because the game is repeated, it is impossible to predict whether the competitive or the monopoly outcome is more likely.
What are the main aspects of economic life that macroeconomics analysis is most concerned with?
What will be an ideal response?