The prisoner's dilemma shows that
A. players are better off if they act independently.
B. players could be better off if they cooperated.
C. people will always cheat.
D. a game always ends in a positive sum condition.
Answer: B
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Aggregation means the:
A. worsening of an economic situation. B. adding up of individual economic variables to obtain economy wide totals. C. participation in national economic policy discussions D. enhancement of the power and wealth of a nation.
The money demand curve will shift to the right if:
A. the nominal interest rate decreases. B. the price level increases. C. the nominal interest rate increases. D. the price level decreases.
When you purchase a new set of spurs you do so in the
A) input market. B) resource market. C) factor market. D) product market.
Why did the Fed step in to organize a rescue for Long Term Capital Management (LTCM) in September, 1998, rather than simply letting the trouble fund fail? Was the Fed's action necessary or advisable?
What will be an ideal response?