An upward spiral of protectionism is a possible outcome of strategic trade policy
a. True
b. False
Indicate whether the statement is true or false
True
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The prisoner's dilemma provides an explanation for
a. the price wars that sometimes occur in oligopolies b. the ability of firms in an oligopoly to extract the entire consumer surplus c. the collusive behavior that sometimes occurs in an oligopoly d. the failure of firms in non-competitive industries to maximize profits e. an irrational behavior that occurs in competitive markets
The blame for failing to address the budget deficits of the 1980s and early 1990s
A. is clearly the fault of the Republican administrations. B. is clearly the fault of the Democratic Congresses. C. is a political question rather than an economic question. D. is an economic question rather than a political question.