When OPEC meets to set production levels, this organization is playing a
A) negative sum game.
B) cooperative game.
C) non-cooperative game.
D) reaction function game.
Answer: B
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When your grandfather keeps a bundle of $100 dollar bills behind a brick in the basement, this is an example of dollars serving as:
A. a store of value. B. a medium of exchange. C. bank reserves. D. a unit of account.
Suppose hypothetically that you buy a lot of food such as tofu, veggie burgers, and organic fruit that are not included in the market basket used to compute the CPI. In addition, suppose that all of these goods have become cheaper over the last year, while the overall CPI has increased by 6 percent. Then which of the following is true? a. The CPI will understate the negative impact of inflation
on your purchasing power and standard of living. b. The CPI will still accurately state the negative impact of inflation on your purchasing power and standard of living. c. The CPI will overstate the negative impact of inflation on your purchasing power and standard of living. d. None of the answers above are correct.
In 1981, in San Francisco Solano, Argentina, about 1,800 families took over a piece of wasteland. The government was able to deed 60 percent of this land to some families while the remaining part could not be deeded. The resulting houses varied greatly, based on whether the residents received title. Those who received title also behaved differently, having fewer children, and the children
experienced more education and better health. This is an example of the results from: a. scarcity. b. economic growth. c. economic freedom. d. private property rights. e. improved quality of life.
Which of the following is not a measure of how close a nation is to full employment?
a. Capacity utilization index. b. Unemployment rate. c. Employment rate. d. Net export position of the nation. e. All the above.