A prisoner's dilemma illustrates situations in which:
A. resources with the lowest opportunity cost should be used first.
B. there is a conflict between the narrow self-interest of individuals and the broader interests of a group.
C. everyone does best when each person specializes in the activities in which he or she has a comparative advantage.
D. efficiency is an important social goal.
Answer: B
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The value of a country's imports cannot exceed the value of its exports
a. True b. False
Each of these statements is true except
A. Female-headed black families with children under 18 have a poverty rate of almost 47%. B. Female-headed white families with children under 18 have a poverty rate of almost 35%. C. All families receiving public assistance are poor. D. All poor families receive public assistance.
If the price per barrel of Crude decreases in the international market, then this event would most likely:
a. Increase aggregate demand in the United States b. Increase aggregate supply in the United States c. Decrease aggregate supply in the United States d. Decrease aggregate demand
Suppose the Fed increases the money supply in the current period with no other policy change implemented or anticipated. This policy action will cause which of the following shifts in the IS and/or LM curves in the current period?
A) IS left; LM up B) IS right; LM up C) no shift in IS; LM down D) IS left; LM down E) IS right; LM down