The essence of a prisoner's dilemma setting is that if both person A and person B do what is best for each of them,
A) they end up in a position that is "the best" for each of them.
B) they end up in a position that is "the worst" for each of them.
C) one ends up in a position that is "the best" for him and the other ends in a position that is "the worst" for him.
D) they end up in a position from which each would prefer to move away.
E) none of the above
D
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Referring to Figure 19.2, the effect of an increase in U.S. interest rates is represented by a movement from point
A) a to b. B) c to b. C) a to d. D) d to c.
According to economists Robert Lucas and Thomas Sargent, when are the gains to accurately forecasting inflation highest?
A) when inflation is high and stable B) when inflation is moderate but stable C) when inflation is high and unstable D) when inflation is low