Recall the Application about the economics professor who caught three students cheating on their final exam to answer the following question(s).Recall the Application. After being caught cheating, the economics professor called each student into his office individually. Each student was given two options: 1. If the student confessed, he or she would receive a zero on the final exam but suffer no other consequences. 2. If the student did not confess, he or she would go before the Office of Student Judicial Affairs, and any confessions by the other two students would be used as evidence. Based on the prisoners' dilemma, how many of the three students would be expected not to confess?
A. 0
B. 1
C. 2
D. 3
Answer: A
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Economic consequences of Tea Act (1773) included a/an __________ in the price of tea in the colonies and a/an ___________ in the revenues of colonial tea wholesalers
a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decrease
Which of the following could increase the demand for dollars in the foreign exchange market?
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Which of the following accurately describes the relationship between mortgage default rates and the 2008 recession?
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If the price level falls, the real value of a dollar
a. rises, so people will want to buy more. This response helps explain the slope of the aggregate demand curve. b. rises, so people will want to buy more. This response shifts aggregate demand to the right. c. falls, so people will want to buy less. This response helps explain the slope of the aggregate demand curve. d. falls, so people will want to buy less. This response shifts aggregate demand to the left.