The Fed is unlike other central banks in that it
A. has 12 branches.
B. is completely centralized.
C. has no real powers.
D. also has control over fiscal policy.
Answer: A
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The prisoners' dilemma is a game in which
A) the dominant strategy for all participants is to choose a strategy that makes them all worse off. B) the dominant strategy is to cooperate. C) only one of the firms is able to make above-normal profits. D) each firm, in making decisions on the basis of its own self-interest, also makes decisions that benefit the group as a whole.
During the expansion phase of the business cycle, we would normally expect to see real income ____, price level ____, and unemployment rate ____.
a. increasing; increasing; increasing b. increasing; decreasing; decreasing c. increasing; increasing; decreasing d. falling; increasing; increasing
The act of firms working together to make decisions about price and quantity is called:
A. bulk ordering. B. artificial competition. C. collusion. D. price discrimination.
In Figure 11.1, an increase in consumer wealth is represented by a change in the consumption function from
A) C1 to C3. B) C3 to C1. C) C2 to C1. D) C1 to C2.