An action that an individual takes in one period to try to control her behavior in a future period is called
A. Pavlovian behavior.
B. behavioral conditioning.
C. a maximin strategy.
D. a commitment device.
Answer: D
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A public good is
A. any good provided by government. B. a good that can be most cheaply provided by government, though it may in fact be provided by private enterprise. C. a good whose benefits cannot readily be restricted to a small group of people. D. a good whose benefits cannot be enjoyed by an individual alone.
Given Keynesian assumptions about the shape of the aggregate supply curve and an economy suffering a recession, which of the following is most likely to occur if the Fed pursues expansionary monetary policy?
A. The equilibrium price level and output will both increase until full employment is reached. B. The equilibrium price level and output will both decrease. C. The equilibrium price level will increase but output will stay the same. D. The equilibrium output will increase but the price level will stay the same until full employment is reached.
Policies to deregulate the labor market in Britain are examples of ________ policy.
A. environmental B. anti-trust C. monetary D. structural
A perfectly competitive firm will hire workers up to the quantity at which the wage rate equals the
A. marginal revenue product of labor. B. price of the extra output produced. C. marginal factor cost of labor. D. average physical product of labor.