The decline in net worth that can result from an unanticipated decline in the price level is known as ________
A) a credit boom
B) deleveraging
C) a debt deflation
D) federal funds rationing
C
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Rational ignorance suggests that voters will
A) be ignorant about all issues. B) be ignorant about issues that are of no special interest to them. C) pursue information on all issues before voting. D) avoid voting if they have no information.
If the economy experiences a strong boom and consumers' incomes sharply rise, local stores with higher prices are ________ to have a(n) ________ in the number of customers.
A) likely; increase B) likely; decrease C) not likely; increase D) not likely; change
When the absolute price elasticity of demand is greater than 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
The game in the figure shown is a version of:
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.
A. the prisoner's dilemma.
B. the first-mover advantage.
C. a sequential game.
D. a repeated game.