The world's two main free trade areas (or organizations) are ____________ and ________________.
Fill in the blank(s) with the appropriate word(s).
NAFTA; the European Union (EU)
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Which of the following do economists generally agree is an unacceptable method of bringing aggregate demand and supply into equilibrium?
A. Increases in the supply of money B. Inflation C. Deflation D. Increases in the government deficit
The recession of 2007-2009 has been
A. less severe than most post-World War II recessions. B. typical of post-World War II recessions. C. one of (if not) the worst post-World War II recession.
Which of the following statements about the prisoner's dilemma is false?
A) The prisoner's dilemma game can never reach a Nash equilibrium as long as players do not cooperate. B) The prisoner's dilemma in a one-shot game leads to a noncooperative, equilibrium outcome. C) The prisoner's dilemma in repeated games could lead to cooperation especially if there is some enforcement mechanism that punishes a player who does not cooperate. D) Players caught in a prisoner's dilemma act in selfish ways that lead to an equilibrium that is sub-optimal.
The unemployment rate is a good measure of the social welfare or social distress because
A) it includes discouraged workers. B) it distinguishes between part-time and full-time job seekers. C) it measures the "importance" of a job to each worker. D) None of the above.