Medicare was established in
a. 1925
b. 1945
c. 1965
d. 1985
e. 1995
C
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One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.
Which of the following is true? a. A majority of U.S. money, whether M1 or M2, is in the form of legal tender
b. If a bank lends out its excess reserves of $90,000, at the time the loan is made, the money supply will increase by $90,000. c. Reserve requirements exist primarily to eliminate bank runs. d. When there are two forms of money available, people prefer to spend the form of money that is more valuable.
A country's trade balance will fall if
a. either investment or saving rise. b. either investment falls or saving rises. c. either saving falls or investment rises. d. either investment or saving fall.
Answer the following statement true (T) or false (F)
1) A pure monopolist will maximize profits by producing at that output where price and marginal cost are equal. 2) In the short run a pure monopolist will maximize profits by producing at that level of output where the difference between price and average total cost is at a maximum. 3) In the short run a pure monopolist will charge the highest price the market will bear for its product. 4) Pure monopolists always earn economic profits.