The Employment Act of 1946 reflects which one of the following functions of government?
A. correcting externalities
B. providing public goods
C. improving economy-wide stabilization
D. providing a legal system
Answer: C
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What is the maximum amount a bank can lend?
A) its total reserves B) its excess reserves C) its excess reserves divided by the required reserve ratio D) the value of its checkable deposits times the required reserve ratio
Trade diversion may be such that the combined welfare of two nations in the agreement actually ____ because of ____, not completely offset by the _____.
a. falls; loss of tariff revenue for the importing nation; gain in the exporting nation's producer surplus b. rises; gains from trade; loss of jobs in the importing industry c. rises; gain in tariff revenue; gain in jobs d. remains the same; loss of tariff revenue; gains from product variety
Cooperation is difficult to achieve in a Prisoners' Dilemma because each player thinks the other player might not cooperate.
Answer the following statement true (T) or false (F)
When a rug factory increases the labor it hires from 10 to 12 workers, the number of rugs produced increases from 16 to 20 . We know then that the marginal physical product of labor is
a. increasing b. negative c. impossible to compute d. 4 rugs e. 2 rugs