The use of the federal budget to achieve macroeconomic objectives of full employment and sustainable economic growth is
A) done only when there is a budget surplus.
B) called government GDP policy.
C) called fiscal policy.
D) done only when there is a budget deficit.
E) called monetary policy.
C
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Refer to the graph shown. If this graph represents a competitive market, the equilibrium price and quantity will be:
A. $13.50 and 325, respectively. B. $10 and 500, respectively. C. $7 and 750, respectively. D. $7 and 325, respectively.
When OPEC meets to set production levels, this organization is playing a
A) negative sum game. B) cooperative game. C) non-cooperative game. D) reaction function game.
Refer to the given data. If Landia and Scandia fully specialize based on comparative advantage, their aggregate output will be:
Answer the question on the basis of the following production possibilities data for Landia and Scandia:
A. 48 chips and 8 fish.
B. 40 chips and 16 fish.
C. 36 chips and 10 fish.
D. 42 chips and 12 fish.
Refer to the payoffs in the table above. Sears and Wal-Mart must decide whether to lower their prices based on the profits shown in the table. This game has
A) no Nash equilibrium. B) a Nash equilibrium: Sears keeps its prices high and Wal-Mart lowers its prices. C) a Nash equilibrium: both Sears and Wal-Mart keep prices high. D) a Nash equilibrium: both Sears and Wal-Mart lower prices.