Government restrictions on the use of an open-access resource
a. may improve efficiency
b. will decrease efficiency
c. are unnecessary
d. contribute to pollution of the resource
e. contribute to depletion of the resource
QUESTION 2If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition.
a. smaller, lower
b. smaller, higher
c. smaller, no different
d. greater, lower
e. greater, higher
QUESTION 3Which of the following is an example of an open-access resource?
a. a city subway system
b. a college education
c. an elementary school education
d. whales in the ocean
e. pandas in the zoo
QUESTION 4In a coordination game, a Nash equilibrium occurs when
a. each player ignores the strategy of the other player
b. each player chooses no strategy, but maintains the status quo
c. each player chooses the same strategy
d. one player can improve the outcome by changing strategy
e. None of the answers is correct.
QUESTION 5When a resource is an open-access resource,
a. each individual in the society owns it
b. the group owns it
c. no one owns it
d. the government owns it
e. some nonprofit agency owns it
QUESTION 6In the prisoner's dilemma game, the sentence that each player receives depends on
a. neither strategy chosen
b. only the strategy the player chooses
c. only the strategy the other player chooses
d. the strategy the player chooses and on the strategy the other player chooses
e. None of the answers is correct.
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