As the price level rises, real wage ____________and people choose to work ___________
A) rises; more
B) rises; less
C) falls; more
D) falls; less
D
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If a country sets a pegged exchange rate that is below the equilibrium exchange rate, how can the country maintain the peg?
A) by selling surplus domestic currency at the pegged rate B) by purchasing surplus domestic currency at the pegged rate C) by decreasing the pegged exchange rate D) by purchasing surplus domestic currency at the equilibrium exchange rate
A "mixed strategy" equilibrium means that
A) the strategies chosen by the players represent different behaviors. B) one player has a dominant strategy, and one does not. C) one player has a pure strategy, and one does not. D) the equilibrium strategy is an assignment of probabilities to pure strategies. E) the equilibrium strategy involves alternating between a dominant strategy and a Nash strategy.
Capitalism is an economic system in which the ownership of resources is mostly
A. private. B. collective. C. by government. D. All of the choices are true.
Which statement is true?
A. There was a great deal of stagflation in the 1960s. B. We had full employment for most of the 1980s. C. We have had twelve recessions since the beginning of 1945. D. None of the choices are true.