Economic growth is demonstrated by the LRAS as it
A) becomes more vertical. B) shifts to the left.
C) becomes more horizontal. D) shifts to the right.
D
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Refer to Figure 2-11. What is the opportunity cost of producing 1 bolt of cotton in Indonesia?
A) 3/8 of a pound of cashews B) 5/8 of a pound of cashews C) 2 2/3 pounds of cashews D) 120 pounds of cashews
Which of the following statements about the prisoner's dilemma is false?
A) The prisoner's dilemma game can never reach a Nash equilibrium as long as players do not cooperate. B) The prisoner's dilemma in a one-shot game leads to a noncooperative, equilibrium outcome. C) The prisoner's dilemma in repeated games could lead to cooperation especially if there is some enforcement mechanism that punishes a player who does not cooperate. D) Players caught in a prisoner's dilemma act in selfish ways that lead to an equilibrium that is sub-optimal.