Since 1960, the only period of several years when the full-employment government budget deficit was negative (that is, there was a full-employment surplus) was
A) from 2000 to 2005.
B) the late 1990s and early 2000s.
C) the mid-1980s.
D) the early 1970s.
B
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q383g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />Which of the following statements is correct?
A. OPEC's dominant strategy is to cheat on the agreement.
B. OPEC's dominated strategy is to cheat on the agreement.
C. OPEC's dominant strategy is to abide by the agreement.
D. OPEC does not have dominant strategy.
If labor productivity growth slows down in a country, this means that the growth rate in ________ has declined
A) the quantity of goods or services that can be produced by one hour of work B) nominal GDP C) labor force participation D) the working-age population Article Summary According to the Office for National Statistics in the United Kingdom, productivity in the UK in 2014 was well below the average of the G7 countries, only faring better than Japan. The G7 is a group of the seven most industrialized countries, and includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Compared to the G7 average, the UK was 20% less productive per hour worked, and output was also 20% worse when measured on a per worker basis. The productivity gap was the largest for the UK since estimates began in 1991. Worker productivity was lower in all of the G7 nations in 2014 than it would have been had trends prior to the 2007-2009 recession continued, with the productivity gap of 18 percent in the UK significantly higher than the 7% gap for the other G7 nations. In terms of output per hour worked, the UK was behind Germany, France, and the United States by 32 to 33 percentage points. Source: "UK's poor productivity figures show challenge for government," Guardian, September 18, 2015.
When the nominal dollar interest rate ________, money demand will ________, and the general price level will ________
A) increases; decrease; increase B) increases; increase; increase C) increases; decrease; decrease D) increases; increase; decrease E) decreases; increase; increase
If demand is elastic and the price of a product decreases by 10 percent, then
A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.