The most commonly used notion of economic efficiency originated in the writings of:
A. John Nash.
B. Kenneth Arrow.
C. Gerard Debreu.
D. Vilfredo Pareto.
D. Vilfredo Pareto.
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The above table gives real GDP and the aggregate expenditure schedule. When real GDP is $10 billion, the amount of unplanned investment is
A) $0.5 billion. B) -$20.5 billion. C) -$0.5 billion. D) $20.5 billion. E) unknown.
Scarcity affects
A) only rich people. B) only poor people. C) only middle income people. D) all people.
The tendency for people to behave in a riskier way or to renege on contracts when they do not face the full consequences of their actions is called:
A. collective bargaining. B. adverse selection. C. moral hazard. D. counter information.
When banks are in need of a short-term loan to meet reserve requirements, they often borrow from another bank through the ______.
a. New York Stock Exchange b. open market operations c. federal funds market d. government bonds market