The residents of a particular town typically enjoy taking their dogs along when they go to their local park for recreation and picnics. Everybody enjoys the park more when each group cleans up after themselves and their pets, but nobody enjoys the act of cleaning up after themselves or their dogs. We can expect the park to be _____ because of the _____
a. dirty; prisoner's dilemma
b. clean; prisoner's dilemma
c. dirty; overuse of a common resource
d. clean; overuse of a common resource
a
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The proposition that in the long run when real GDP equals potential GDP, an increase in the quantity of money leads to an equal percentage increase in the price level is the called the quantity theory of
A) constant velocity. B) the long run. C) money. D) inflation. E) equal change.
When do firms pay efficiency wages? What is the relationship between moral hazard and efficiency wages?
What will be an ideal response?
If consumption is $6 billion, investment is $3 billion, government purchases are $1 billion, and GDP is $12 billion, then net exports must equal:
A. $22 billion. B. $10 billion. C. $2 billion. D. $12 billion.
A recessionary gap is the amount by which aggregate expenditures ____ the amount required to achieve full-employment equilibrium GDP
a. exceed b. equal c. fall short of d. are greater than