Commitment devices:
A. need strong commitments that are hard to get out of in order to be successful.
B. are never strong commitments that are hard to get out of.
C. can be successful whether they have strong or weak commitments.
D. are only successful if they are weak commitments that are easy to change.
C. can be successful whether they have strong or weak commitments.
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Using supply and demand curve analysis, the triangular area below the equilibrium price and above the supply curve is: a. consumer surplus. b. producer surplus. c. marginal cost
d. deadweight loss.
Monetary policy involves the use of money and credit controls to impact the macroeconomy.
a. true b. false
In the United States the real wages of the least-skilled, least educated workers have ________ and the wages of best-educated, highest skilled workers have ________.
A. increased; increased B. declined; remained constant C. increased; declined D. declined; increased
The long run is a time period in which
A) one year or less elapses. B) all factors of production are variable. C) all factors of production are fixed. D) there is at least one fixed factor of production and at least one variable factor of production.