Which of the following is true of opportunism?
a. Opportunism increases the possibility that a party can gain by disregarding the contract.
b. Opportunism lowers the cost of negotiation between parties when the contract is incomplete or unclear.
c. Opportunism allows parties to maximize the value of their transactions.
d. Opportunism leads to mutually beneficial outcomes.
A
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There is general agreement among economists that a proposed fiscal policy should be evaluated for its:
A. Contribution to the purpose of "fine-tuning" the economy B. Contribution to the growth of exports and imports in the economy C. Potential positive and negative effects on long-run productivity growth D. Potential positive and negative effects on short-run business indebtedness
In games, the strategy to reach a particular goal:
A. is the same for everyone. B. can be different for different players and still achieve the same goal. C. should be similar to what others have chosen to reach the same goal. D. has begun to be documented by economists.