When conducting open market operations, at what price is it willing to buy or sell securities?
A) at the price agreed upon by the Federal Open Market Committee
B) at the price agreed upon by the Board of Governors
C) at the price set by the Fed chair
D) at whatever price is necessary to carry out its open market operations
C
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Which of the following would not be an example of a nonproductive activity creating social losses?
a. Accountants seeking methods of tax avoidance for their clients. b. Lawyers engaged in litigation that would transfer money from one group to another. c. Lawyers hired to assist two parties in writing a contract. d. Lobbyists seeking laws that would transfer public lands to private parties without any payment.
Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q385g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />This game is ________ because ________.
A. not a prisoner's dilemma; cheating is better for both
B. a prisoner's dilemma; not cheating is better for both
C. not a prisoner's dilemma; OPEC does not have a dominant strategy
D. a prisoner's dilemma; cheating is better for both
The Navigation Acts required that colonists use England as an "entrepot.". This resulted in
a. additional shipping and handling costs for colonial trade. b. increased prices for colonial imports. c. a disproportionately large economic burden on Southern exports. d. an estimated total economic burden of less than 1 percent of colonial income. e. All of the above.
A common complaint about environmental law and enforcement is that it
a. applies only to firms that produce goods, not services b. is politically motivated c. doesn't work at all d. can be too burdensome to producers e. still results in some pollution