For players in a repeated-play game to achieve cooperation:
A. the players need not explicitly state an agreement to cooperate, but must publicly display a commitment strategy.
B. there is no need to enter into public commitment strategies or explicit agreements.
C. the players must reach an explicit agreement to cooperate.
D. there is no need for players to collude.
Answer: B
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If the government of a country does not intervene in the foreign exchange market, then the country is said to have a:
A) flexible exchange rate system. B) managed exchange rate system. C) nominal exchange rate system. D) fixed exchange rate system.
Refer to the above figure. The Law of Increasing Additional Costs applies in
A) Panel A only. B) Panel B only. C) Panels A and B. D) neither Panel A nor B.
In the Keynesian aggregate expenditures model, "aggregate expenditures" refer to:
a. the amount of GDP that could be produced if unemployment were zero. b. the combined expenditures of consumers, businesses, governments, and foreigners (net exports). c. the amount of demand for consumer goods that would arise if all citizens had all the income they wanted. d. consumer spending measured in constant prices.
In which case below does a person's purchasing power from saving increase the most?
a. the nominal interest rate = 10% and inflation = 8% b. the nominal interest rate = 9% and inflation = 6% c. the nominal interest rate = 8% and inflation = 4% d. the nominal interest rate = 7% and inflation = 2%