Modern terrorism overturns the central assumption of the Westphalian system that says only
a. democracies can provide a lasting form of power.
b. weapons of mass destruction actually maintain peace.
c. states have the military force to create serious security threats.
d. economic inequality pits private citizens against one another.
c. states have the military force to create serious security threats.
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If firms adopt a strategy that triggers a permanent punishment, the result in an indefinitely repeated game is
A) undefined. B) the noncooperative Nash equilibrium. C) the collusive Nash equilibrium. D) economically inefficient.
A loss in economic efficiency occurs when production of a good is above the equilibrium quantity
a. True b. False Indicate whether the statement is true or false
Starting from potential output, if firms become less optimistic about the future and decide to decrease their investment in new capital, then this will generate a(n) ________ gap and inflation will ________.
A. expansionary; decrease B. recessionary; decrease C. recessionary; increase D. expansionary; increase
If the economy is operating at full employment and there is a substantial increase in the money supply, the quantity theory of money predicts an increase in
(a) the velocity of money (b) real output (c) interest rates (d) unemployment (e) the price level