Refer to Table 2-14. What is Scotland's opportunity cost of producing one motorcycle?
A) 0.25 guitar B) 4 guitars C) 12 guitars D) 16 guitars
B
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Which of the following is NOT considered capital?
A) an assembly line at a General Motors plant B) a computer used by your instructor for presentations in class C) stocks and bonds that are sold by Pepsico D) the furniture in the President's office E) a nail gun used for building houses
Refer to the scenario above. The sum of the firms' payoffs is maximum when ________
A) both the firms choose Strategy X B) both the firms choose Strategy Y C) Firm A chooses Strategy X, and Firm B chooses Strategy Y D) Firm A chooses Strategy Y, and Firm B chooses Strategy X
Which of the following is NOT a disadvantage of of the Fed's "just do it" approach to monetary policy?
A) There is low transparency of policy. B) There is low accountability for central bankers. C) This type of policy make the Fed more susceptible to the time-inconsistency problem. D) It relies on a stable money-inflation relationship.
How does a free-market system address the output selection task?