Refer to Figure 10.1. If only one light is installed, the people who were not responsible for the light being installed each receive a payoff of
A) 2.
B) 4.
C) 6.
D) 8.
D
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Which of the following sequences best describes the five necessary steps to develop an economic model in the correct order?
A) (1): Identify the endogenous variables; (2): identify the exogenous variables; (3): develop a model; (4): compare the model with the data; (5): conduct prediction and policy analysis. B) (1): Develop a model; (2): identify the exogenous variables; (3): identify the endogenous variables; (4): compare the model with the data; (5): conduct prediction and policy analysis. C) (1): Conduct prediction and policy analysis; (2): develop a model; (3): identify the endogenous variables; (4): identify the exogenous variables; (5): compare the model with the data. D) (1): Conduct prediction and policy analysis; (2): compare the model with the data; (3):identify the endogenous variables; (4): identify the exogenous variables; (5): develop a model. E) none of the above
Which of the following would shift the short-run Phillips curve to the right?
a. an negative supply shock b. an increase in inflationary expectations c. a decrease in inflationary expectations d. either (a) or (b)
Which of the following is an accurate statement concerning an expansionary monetary policy?
a. Spending and borrowing will decrease because interest rates have increased. b. Spending and borrowing will increase because interest rates have increased. c. Spending and borrowing will decrease because interest rates have decreased. d. Spending and borrowing will increase because interest rates have decreased.
The Federal Reserve System is organized into
A) one large district covering the entire United States. B) three districts, one for each of the countries in North America. C) 12 districts, dividing up the countries in North America. D) 50 districts, one per state. E) 12 districts, dividing up the United States.