Which of the following statements sums up the arms race?
a. The dominant strategy for each nation was to spend less on arms.
b. Each country’s dominant strategy led to an inferior outcome for the world.
c. Self-interest drove each country into a cooperative game.
d. Each country’s dominant strategy led to a safer outcome for the world.
b. Each country’s dominant strategy led to an inferior outcome for the world.
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A perfectly competitive firm's short-run break-even output occurs
A) at the minimum point of its average variable cost curve. B) at the minimum point of its average total cost curve. C) at the minimum point of its marginal cost curve. D) at the intersection of its total cost curve and its marginal revenue curve.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential