In the recession of 2008-2009, the unemployment rate rose to over 10 percent.
Answer the following statement true (T) or false (F)
True
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If the money supply in the economy were at MS3, to engage in expansionary policy the Federal Reserve Bank would use open market operation to move money supply to:
A. MS2 B. MS1 C. it would stay at MS3 D. MS4
Part of the efficiency cost resulting from a switch from perfect competition to monopoly is the loss of consumer surplus caused by the decrease in quantity produced.
Answer the following statement true (T) or false (F)
The learning curve suggests that an individual will
A) receive the same income throughout a career. B) gain experience and increase productivity over time. C) be subject to frequent spells of unemployment. D) have an income that falls over time.
In a zero-sum game
A. one player's losses are exactly offset by another player's gains. B. both players are better off at the end of the game. C. both players are worse off at the end of the game. D. both players collude to make both of them better off.