The distribution of GDP between different factions within an economy most closely relates to the _____________ method of aggregate accounting. The fact that the value of GDP remains equal regardless of whether GDP is measured by what people are earning or what they are producing is referred to as an ___________.
Fill in the blank(s) with the appropriate word(s).
Income, Identity
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Which of the following is not a component of the M1 money supply?
a. Demand deposits. b. Large-denomination (more than $100) bills. c. Interest-earning checking deposits. d. Outstanding balances on credit cards.
A teacher curves the final exam such that the top half of students get an A and the bottom half an F (so their grade depends only on relative and not absolute performance). Suppose that there are equal numbers of two groups, the Brainiacs and the Numbskulls. If they both study or they both party, the Brainiacs will get the As but if the Brainiacs party and the Numbskulls study, the Numbskulls will get the As. Suppose further that they both dislike studying and both like good grades. Suppose all students of a type choose the same action (so we can view it as a two-player game). The payoff matrix is Numbskulls Study Party Brainiacs Study 5, 0 5, 2 ? ? Party 2, 5 7, 2 Characterize the Nash equilibrium or equilibria:
A) There is only one equilibrium, in mixed strategies. B) The Brainiacs study and the Numbskulls party. C) There are two: in one, the Brainiacs study and the Numbskulls party, and in the other they do the reverse. D) Both types party.
Diana tutors Tiago for two hours before his economics final exam. Tiago pays Diana through a direct transfer from his bank on a payment app. Diana then uses her debit card to buy pizza for dinner from the local pizza parlor. This is an example of
a. the exchange of money facilitating production and trade b. trade between two people who each have a good or service that the other wants. c. an inefficient allocation of scarce resources. d. the creation of money through monetary policy.
The aggregate production function is Y = 6K0.5L0.5. If there are 100 units of capital and 25 units of labor, aggregate output is
A. 131 units. B. 277 units. C. 300 units. D. 750 units.