According to the text, which of the following is not a determinant of macroeconomic outcomes?
A. Technological change
B. A major earthquake
C. Economic growth
D. An increase in the money supply
C. Economic growth
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In the prisoner's dilemma setting for stealing and producing, both participants end up __________, which turns out to be ________________________ stolen. The government _________ make both participants better off by changing the payoff matrix.
A. stealing; better for them than if they had both not; can B. stealing; worse for them than if they had both not; can C. not stealing; better for them than if they had both; cannot D. not stealing; worse for them than if they had both; cannot
A regional lobster management board recently proposed a five-year moratorium on lobster fishing in the Atlantic waters south of Cape Cod based on a study of the lobster population. Which of the following statements is not correct?
a. Lobsters are rival but not excludable. b. The lobster population is an example of the tragedy of the commons. c. Reducing the quota on the number of lobsters any fisher can catch would have a protective effect on the lobster population. d. If left unregulated, the lobster population will likely increase.
Explain why the interest rate is the opportunity cost of holding currency. What is the benefit of holding currency?
If the market interest rate is 5% and a bank advertises loans at 12%, the bank will receive
A) no applications. B) applications from mostly low-risk borrowers. C) applications from mostly high-risk borrowers. D) a moral hazard.