A major goal of short-run macroeconomic policy is to move to a point on the _____ curve.
A. Investment demand
B. Production function
C. Production possibilities
D. Aggregate supply
C. Production possibilities
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In the Nash equilibrium of a prisoner's dilemma:
A. there is unrealized opportunity for both to gain. B. both players have equal payoffs. C. there is no cash left on the table. D. total economic surplus is maximized.
For the unregulated, single-price monopoly shown in the figure above, when its profit is maximized, output will be
A) 4 units per year and the price will be $6. B) 4 units per year and the price will be $4. C) 6 units per year and the price will be $4. D) None of the above answers is correct.
During the Great Depression, as real interest rates rose, good credit risks were less likely to seek loans. This process illustrates the phenomenon of ________
A) adverse selection B) moral hazard C) poor monetary policy D) debt deflation
In modern economies
A) some prices are very flexible while others are not. B) no prices are very flexible. C) all prices are very flexible. D) prices become less flexible as they increase.