Choose the best statement
A) GDP equals aggregate expenditure and equals aggregate income.
B) An increase in government purchases increases aggregate expenditure but does not change GDP.
C) An increase in compensation of employees increases aggregate income but does not change GDP.
D) GDP always equals aggregate expenditure and sometimes equals aggregate income.
A
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Typically, a country's population is divided into how many income groups to find a Lorenz Curve?
a. 1 or 2. b. 5 or 10. c. 10 or 20. d. 25 or 50. e. 100.
Credit cards are
A. included in M1 but not M2. B. included in M1 and M2. C. included in M2 but not M1. D. not included in any measure of the money supply.
Of the five game types described in this chapter (prisoner's dilemma, pure coordination, assurance, battle of the sexes, chicken), which have a dominant strategy and which have more than one Nash equilibrium in a two-player game?
What will be an ideal response?
The brief success of the OPEC cartel in the 1970s can most plausibly be attributed to
A) the dependence of industrial economies on oil. B) the fact that OPEC was a cartel formed by national governments. C) the inelastic demand for oil. D) the misguided policies of the U.S. government. E) the widespread expectation of much higher prices in the future.