The local diner is usually jammed on Saturday mornings. Luke knows the owner and had him reserve a stool at the counter. Luke has
A) cooperated with the owner.
B) competed with other customers.
C) taken an efficient course of action, from his own perspective.
D) engaged in all of the above.
D
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The M1 definition of the money supply
A. includes only coins and currency. B. includes only things that can be used as a medium of exchange, while the M2 definition includes some things that cannot be used directly as a medium of exchange. C. includes some kinds of accounts that are not included in M2. D. tends to grow more rapidly than M2.
If you want a say in the management of a corporation, you should buy
A) common stock. B) preferred stock. C) bonds. D) either bonds or preferred stock.
By vertically integrating, two firms can
A) increase market share. B) avoid holdup problems. C) limit the problems inherent in moving too quickly. D) avoid antitrust issues.
When a recession hits, we would expect the government to run a budget deficit by raising the level of its spending or by cutting taxes, or perhaps both. The Fed would be expected to:
A. reduce the required reserve ratio, increase the discount rate, and buy securities on the open market. B. reduce the required reserve ratio, reduce the discount rate, and sell securities on the open market. C. reduce the required reserve ratio, reduce the discount rate, and buy securities on the open market. D. increase the required reserve ratio, reduce the discount rate, and sell securities on the open market.