The analysis of asymmetric information problems is called ________
A) adverse selection
B) microeconomics
C) cybernetics
D) agency theory
D
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An externality can best be defined as
A) a party not directly involved in a transaction. B) a consequence of a transaction that spills over to affect third parties. C) a right of an owner to use and exchange property. D) a cost associated with the production of one more unit of output.
One way to measure national debt over time is debt relative to:
a. the cash flow of the banking system. b. the economy's production and income. c. credit sales of consumer durables over a year. d. national home sales in large cities.
Suppose real money demand is 1000, real output is 6000, and the price level is 200. What is the level of velocity in this economy?
A. 12 B. 2 C. 3 D. 6
As opportunity cost of holding money increases, people can
A) do nothing. B) increase the demand for money but not the quantity of money they hold. C) find a better job. D) try to maximize marginal benefit. E) seek substitutes for money.