Which of the following statements is true?
A) Government cannot remove individuals from a prisoner's dilemma setting and make them better off.
B) As long as government charges each individual a tax that is more than the gain received by being removed from a prisoner's dilemma setting, then government makes that individual better off.
C) Government can remove individuals from a prisoner's dilemma setting by changing the payoff matrix.
D) a and c
E) all of the above
C
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All of the following would be included in aggregate expenditure except
A. social security payments. B. changes in inventories. C. sales of domestically produced goods to foreigners. D. purchases of services provided by government employees.
It is difficult for competent authorities to agree on the best definition of the money stock because money is composed primarily of the liquid liabilities of financial institutions
A) and liquidity implies the absence of certainty. B) of which there are many different kinds whose relative liquidity is continually changing. C) on which we simply have no reliable data. D) whose solvency is highly questionable.
The equilibrium wage rate is the rate at which the quantity of labor demanded equals the quantity supplied.
Answer the following statement true (T) or false (F)
Globalization represents:
A. the opposite of isolationism. B. a return to isolationism. C. the economic complement of political isolationism. D. the political complement of economic isolationism.