The movement of herds according to seasonal rhythms is called:
a. transhumance
b. desert nomadism
c. geo-agricultural revolution
d. global nomadism
Answer: a. transhumance
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The business cycle is usually illustrated using movements in
A) the inflation rate. B) labor productivity. C) real GDP. D) the size of the labor force.
According to the matrix shown, the profit-maximizing outcome for the firms is:
This prisoner's dilemma game shows the payoffs associated with two firms, A and B, in an oligopoly and their choices to either collude with one another or not.
A. to act like a monopolist and both collude.
B. to both compete.
C. for Firm A to compete and Firm B to collude.
D. for Firm B to compete and Firm A to collude.
The potential output of an economy is the level of output produced when the: a. real wage equals the nominal wage
b. price level is constant. c. expected real wage equals the nominal wage. d. seasonal unemployment rate is zero. e. expected price level equals the actual price level.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and low inflation. C. high economic growth and low inflation. D. low economic growth and high inflation.