The prisoner's dilemma:
A. can involve two players.
B. can be summarized in a payoff matrix.
C. leads to a less-than-ideal outcome for all players.
D. All of these statements are true.
Answer: D
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When the Treasury bond market becomes less liquid, other things equal, the demand curve for corporate bonds shifts to the ________ and the demand curve for Treasury bonds shifts to the ________
A) right; right B) right; left C) left; right D) left; left
Efficiency can correctly be defined as
A) producing outside the production possibilities boundary. B) minimizing opportunity cost. C) producing the maximum output with given technology and resources. D) providing for the immediate needs of the greatest proportion of the population.
An individual with a Ph.D. in physics who can find employment only in a pizza parlor would be considered: a. discouraged
b. underemployed. c. overemployed. d. voluntarily unemployed. e. long-term unemployed.
Assume the required reserve ratio is 20 percent and the FOMC orders an open market purchase of $100 million in government securities from member banks. If the oversimplified money multiplier is assumed, then the money supply will
a. increase by $500 million. b. increase by $100 million. c. decrease by $100 million. d. decrease by $500 million.