The branch of economics that focuses on economywide variables like inflation and unemployment is called:
a. macroeconomics. b. microeconomics.
c. free-market economics. d. aggregate economics.
a
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The theory of rational expectations, when applied to financial markets, is known as
A) monetarism. B) the efficient markets hypothesis. C) the theory of strict liability. D) the theory of impossibility.
Consider the accompanying payoff matrix.
When Row Resorts and Column Cruises both play their dominant strategy:
A. Column Cruises earns a higher profit than does Row Resorts. B. Row Resorts earns a higher profit than does Column Cruises. C. both firms do better than if they had both played their dominated strategy. D. both firms do worse than if they had both played their dominated strategy.
Now that Social Security payments are indexed the:
A. nominal value is adjusted to maintain a constant real value. B. payments are adjusted so retirees can buy more with their payments over time. C. payments are not adjusted enough, so retirees can buy less with their payments over time. D. real value is adjusted to maintain a constant nominal value.
The nonmarket transactions refer to:
A. market power. B. short term contracts. C. vertical integration. D. purchases made in the spot market.