In the real world, wage negotiations typically do not drag on for years:
A. because the company can simply offer the split that would eventually occur if the two sides played all the rounds.
B. unless the employees play an ultimatum game using a union to negotiate.
C. because neither a company nor employees can afford to not work for that long.
D. None of these statements is true.
Answer: A
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If banks demand currency (e.g., Federal Reserve Notes) from the central bank, the effect is to:
a. Increase the nation's monetary base. b. Decrease the nation's monetary base. c. Leave the monetary base unchanged. d. Increase the liabilities of the central bank. e. None of the above is true.
If a nation has a(n) _____ in the production of an item, it can produce _____ of the item with the same quantity of resources than can other nations.
A. absolute advantage; more B. mutual gain; the same amount C. special advantage; more D. comparative advantage; more
A movement along the demand curve for toothpaste would be caused by
A) a change in the price of toothbrushes. B) a change in consumer income. C) a change in the price of toothpaste. D) a change in population.
Calculate the MPC.
