In the current U.S. economy, who plays the role of lender of last resort?
A) The Securities and Exchange Commission
B) The Federal Deposit Insurance Corporation
C) The Federal Reserve System
D) The Social Security Administration
C
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If all firms are paying efficiency wages and nominal aggregate demand falls, then between maintaining nominal wages and reducing them firms generally find it more profitable to ________ them, thus ________ the unemployment rate
A) maintain, increasing B) maintain, maintaining C) reduce, increasing D) reduce, maintaining
President Woodrow Wilson
(a) fostered the growth of government bureaucracy. (b) quickly returned the U.S. economy to a competitive market place. (c) remained neutral on the issue of whether the federal government should intervene in private market affairs. (d) mandated that Congress operate with a balanced budget.
Which of the following countries consistently had trade surpluses with Great Britain from 1858 to 1947?
a. Pakistan b. India c. Canada d. Zimbabwe
Suppose Gina and Henry play two rnds of the ultimatum game. In the first round they play for $10; in the second round they play for $1,000. In the first round Gina suggests an 80/20 split ($8 to Gina, $2 to Henry), but Henry quickly rejects the offer as
unfair. Assuming Gina is interested in gaining financially from the experience and that she understands behavioral economics, we would expect her to: A. offer the same relative split ($800/$200), knowing that Henry will accept the offer because the dollar amount he would forgo by rejecting it is substantial. B. offer a more unequal split ($900/$100) in order to gain more for herself and figuring Henry will accept the split because $100 is better than nothing. C. offer a more equal split ($700/$300) to increase the probability that Henry will accept the offer. D. offer Henry more than half of the pot to ensure acceptance of the offer.