In a zero-sum game
a. all players receive a $0 payoff
b. all players can simultaneously win
c. the gains to the winners equal the losses of the losers
d. none of the above
c
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What is the modern view of the Phillips curve?
What will be an ideal response?
Suppose a firm has an output of 10,000 cans and a total fixed cost of $2,000 . At an output of 5,000 the difference between the total cost and the total variable cost is:
a. b and c. b. $0.40. c. the average fixed cost. d. $2,000. e. $0.20.
Keynes believed that: a. discretionary fiscal policy was needed to stabilize the economy
b. wages are not flexible particularly in a downward direction. c. the economy could remain in a period of unemployment for a long time period. d. all of the above.
If the Fed believes the inflation rate is about to increase, it should
A. Use a Contractionary fiscal policy to increase the interest rate and shift AD to left B. Use an expansionary monetary policy to lower the interest rate and shift AD to the right C. Use a contractionary monetary policy to increase the interest rate and shift AD to the left