Cost-push inflation may be caused by:
A. a decline in per unit production costs.
B. a decrease in wage rates.
C. a negative supply shock.
D. an increase in resource availability.
C. a negative supply shock.
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On the island of Yap, 5 canoes have a value of one stone wheel known as a fei. What function of money do fei serve in this example?
A. store of value B. medium of exchange C. medium of deferred payment D. unit of account
Refer to Figure 10.1. If two lights are installed, the person who was not responsible for the light being installed receives a payoff of
A) 4. B) 6. C) 8. D) 12.
One interesting feature of a prisoner's dilemma game is that
A) non-cooperative behavior leads to lower payoffs than cooperative behavior. B) it was only valid before the industrial revolution. C) individuals behave irrationally when they behave non-cooperatively. D) cooperative behavior leads to lower payoffs than non-cooperative behavior.
The cost of a hospital stay has been going down slowly
a. True b. False Indicate whether the statement is true or false