Economics can be classified best as a(n)
a. exact science.
b. physical science.
c. social science.
d. natural science.
c. social science.
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If the FOMC decides that the Fed should buy bonds it
A) instructs the New York Federal Reserve Bank's trading desk to buy them. B) asks the Congress for permission to buy them. C) requires the permission of the Financial Oversight Committee. D) requires the President's signature on the buy order.
If there is unemployment in an economy, then the
A) economy is operating at an unattainable point. B) production possibilities frontier will shift inwards. C) production possibilities frontier must be bowed inward. D) economy is producing at a point inside the production possibilities frontier. E) production possibilities frontier will shift outwards.
Consider the following game in which two firms decide how much of a homogeneous good to produce
The annual profit payoffs for each firm are stated in the cell of the game matrix, and Firm A's payoffs appear first in the payoff pairs: Firm B - low output Firm B - high output Firm A - low output 300, 250 200, 100 Firm A - high output 200, 75 75, 50 What are the dominant strategies in this game? A) Both firms produce low levels of output B) Both firms produce high levels of output C) Firm A's dominant strategy is to produce low levels of output, but Firm B does not have a dominant strategy. D) Firm B's dominant strategy is to produce low levels of output, but Firm A does not have a dominant strategy. E) Neither firm has a dominant strategy
Answer the following statement(s) true (T) or false (F)
1. Retained earnings means a corporation puts profits back into the company instead of paying them as dividends. 2. The term securities refers to real estate and cash. 3. Banks, mutual funds, savings and loans, and insurance companies are all types of financial intermediaries. 4. The total value of saving for an economy must be greater than the total value of investment. 5. Public saving is the amount of income the government has left over after paying for its spending.