When economists say that money promotes ________, they mean that money encourages specialization and the division of labor
A) bargaining
B) contracting
C) efficiency
D) greed
C
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Reaching a Nash equilibrium means that:
A. a stable outcome has been reached. B. there is no stable outcome to the game. C. the players will never reach a positive-positive outcome. D. each player has achieved their highest payoff in the game.
Open market transactions involve which of the following activities?
I. issuing new Federal Reserve notes II. buying or selling newly issued government bonds to raise funds for the government III. buying or selling previously issued government bonds to change the volume of bank reserve A) I only B) II only C) III only D) II and III only . E) I, II ,and III
The long-run aggregate supply curve represents the level of output possible if the economy:
A. has a zero inflation rate. B. has no structural unemployment. C. is operating at full capacity. D. is operating at an unemployment rate of zero.
The goal of multilateral trade agreements is usually to
a. reduce tariffs in various nations simultaneously to blunt political pressure for protectionism. b. ensure that tariffs are used only to promote infant industries that will eventually become viable. c. use targeted tariffs to ensure that nations produce those goods in which they have a comparative advantage. d. equalize the level of tariffs across nations so no nation is disadvantaged relative to others.