What is a prisoner's dilemma?
A) a game in which players act in rational, self-interested ways that leave everyone worse off
B) a game that involves no dominant strategies
C) a game in which players collude to outfox authorities
D) a game in which prisoners are stumped because they cannot communicate with each other
A
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Which of the following is likely to happen if there is an increase in entrepreneurial activity in an economy?
A) The productivity of the economy will increase. B) The inflation rate in the economy will decrease. C) The exchange value of its currency in the foreign exchange market will increase. D) The income per capita of the economy will fall.
In the short-run, a rise in the money wage rate leads to
A) an increase in the price level and an increase in real GDP. B) an increase in the price level and a decrease in real GDP. C) an increase in the price level, but no change in real GDP. D) no change in the price level, but an increase in real GDP.