If you are estimating your total expenses for school next semester, you are using money primarily as:
A. a medium of exchange.
B. a store of value.
C. a unit of account.
D. an economic investment.
C. a unit of account.
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When players cannot achieve their goals because they are unable to make credible threats or promises, the situation is called a:
A. failure of dominant strategies. B. commitment problem. C. Nash equilibrium. D. prisoner's dilemma.
The concept of "the invisible hand" suggests that markets
A) do not produce the efficient quantity. B) are always fair. C) produce the efficient quantity. D) are unfair. E) allocate resources unfairly and inefficiently.
The number of job seekers in any sector of the economy ordinarily exceeds, by at least a small amount, the number of jobs available. Thus, employers
A) could increase their net revenue by lowering wages. B) could increase their net revenue by raising wages. C) do not pay close attention to marginal cost and marginal revenue in setting wages. D) face the threat of unionization. E) want employees to value their current jobs significantly more highly than they value alternative jobs.
How might technological change and globalization explain trends in the distribution of income?
What will be an ideal response?