An inverse relationship will be graphed as
A. a U-shaped curve.
B. a loop.
C. a line that is upward sloping.
D. a line that is downward sloping.
Answer: D
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In the prisoner's dilemma game, each player's dominant strategy leaves her with a larger payoff than she could receive by cooperating with the other player; however, the "prisoner's dilemma" is that as a result of noncooperation she cannot chose
dominant strategy. Indicate whether the statement is true or false
Which of the following demonstrates marginal thinking? a. Deciding to never eat meat
b. Deciding to spend one more hour studying economics tonight because you think the improvement on your next text will be large enough to make it worthwhile to you. c. Deciding to go to a Sociology class that you usually skip because there is a guest lecturer you are really interested in hearing that day. d. Both b. and c. demonstrate marginal thinking.
If the reserve ratio is 100 percent, the value of the monetary multiplier is:
A. 0. B. 1. C. 10. D. 100.
In the Keynesian model, the real wage is mildly procyclical because
A. the supply of labor fluctuates with the business cycle. B. firms take advantage of recessions to pay slightly lower wages, since there's excess labor supply. C. demand for labor fluctuates with the demand for final goods. D. workers' effort may depend on the unemployment rate and the real wage.