In earlier centuries, the Roman and Chinese economies:
A.
Expanded in such a way that output per person increased
B.
Expanded in such a way that output per person decreased
C.
Declined in such a way that output per person decreased
D.
Expanded but output per person remained virtually stagnant
D.
Expanded but output per person remained virtually stagnant
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If two households have the same disposable income in the current year, the household with the
A) higher expected future income will consume a larger portion of its current income today. B) lower expected future income will consume more today while it has the money. C) lower expected future income will spend a larger portion of its current income on consumption today because it will increase its saving in the future. D) none of the above
If a prisoners' dilemma game is played repeatedly, what punishment strategies might the players employ and how does playing the game repeatedly change the equilibrium?
What will be an ideal response?