"Tit-for-tat" is
A) a form of prisoner's dilemma.
B) the process in which games find equilibrium.
C) a way to enforce a cooperative game.
D) a child's game.
C
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The capture theory of regulation implies that
A) regulations promote the attainment of efficiency. B) regulations promote the attainment of economic profit. C) public officials favor voters over producers. D) the demand for regulation is less elastic than the supply.
The major lesson of the circular flow diagram is that
A. total income in the economy must always equal total spending. B. taxes must always be greater than government expenditures. C. tax receipts must be equal to transfer payments D. saving must always be less than investment.
Use the following graphs to answer the next question.
In the graphs, the numbers in parentheses near the AD1, AD2, and AD3 labels indicate the level of investment spending associated with each curve. All figures are in billions. The economy is at point Z on the investment demand curve. Given these conditions, what policy should the monetary authorities pursue to achieve a noninflationary, full-employment level of real GDP?
A. Sell government securities in the open market. B. Decrease the reserve requirement. C. Decrease the discount rate. D. Make no change in monetary policy.
When a market consists of many small firms, it:
A. cannot be a monopoly. B. must be a perfectly competitive market. C. cannot be a monopolistically competitive market. D. can only be an oligopoly.