Which of the following policies would not prevent the Social Security trust fund from running out of assets?
A) Reduce promised benefits
B) Reduce taxes
C) Increase taxes
D) Earn a higher rate of return
B
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Excess reserves are the
A) amount of reserves held over what is desired. B) amount of reserves banks keep in their vaults. C) amount of reserves a bank holds at the Fed. D) amount of reserves the Fed requires banks to hold. E) same as the required reserves.
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) Best Treats Do Not Introduce and Healthy Snacks Do Not Introduce is a Nash equilibrium.
B) Best Treats Introduce and Healthy Snacks Introduce is a Nash equilibrium.
C) There are no Nash equilibria in this game.
D) Best Treats Introduce and Healthy Snacks Do Not Introduce is a Nash equilibrium.
If a nation has an absolute advantage in the production of some commodity, it
A. can gain only if it has a comparative advantage in the commodity. B. may still gain from trade in the commodity. C. cannot gain from trade in the commodity. D. cannot gain unless it has an absolute advantage in every other commodity.
In 2016, tornadoes damaged many parts of the U.S. Midwest, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these tornadoes are said to have caused
A) scarcity, because the damages made food and shelter scarce. B) scarcity, because some goods were difficult to get. C) shortages, because supplies were cut off and goods were destroyed. D) tradeoffs, because some areas of the country were damaged when others were not.