Adam Smith noted that people are adept at pursuing their own self-interests, and that ____ harnesses this self-interest remarkably well
a. a totalitarian regime
b. a market system
c. a democratic government
d. a closed system
b
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Rembrandt paintings are expensive and not as vital for life as milk, which is cheap
Marginal utility theory explains this paradox of value: The total utility from a Rembrandt painting is ________ than the total utility from milk, and the marginal utility from a Rembrandt painting is ________ than the marginal utility from milk. A) smaller; smaller B) smaller; larger C) larger; smaller D) larger; larger
Which of the following would cause the U.S. money supply to expand?
a. a commercial bank calling in a loan to build up more excess reserves b. a commercial bank purchasing U.S. securities from the Fed as an investment c. a decrease in reserve requirements d. an increase in the discount rate
U.S. Gross Domestic Product (GDP) does NOT include which of the following?
A. business investment in the United States B. U.S. exports to Canada C. the purchase of all final goods and services by U.S. households D. the value of goods produced in China by a U.S. owned firm
In sequential games, an especially important part of strategic behavior is to:
A. "think forward, work backward." B. "think forward, act backward." C. "think backward, work forward." D. "think backward, act forward."