In the United States, there is a federal minimum wage that is followed by each state
a. True
b. False
Indicate whether the statement is true or false
False
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The difference between a Nash equilibrium strategy and a dominant strategy is:
a. nothing; they are synonymous. b. the former is stable but the latter is unstable. c. the former must be a best response to all others' strategy profiles, whereas the latter need only be a best response to others' Nash equilibrium strategies. d. the former need only be a best response to others' Nash equilibrium strategies, whereas the latter must be a best response to all others' strategy profiles.
The difference between microeconomics and macroeconomics is that
a. microeconomics deals with only small numbers while macroeconomics is always dealing with numbers in the billions and trillions b. microeconomics deals with the economy as a whole while macroeconomics deals with individual firms c. microeconomics is concerned with the behavior of individual decision-makers while macroeconomics is concerned with behavior of entire economies d. microeconomics is only useful for small countries while macroeconomics is useful for large countries e. microeconomics is only useful for large economies like the United States while macroeconomics is only useful for small economies
Which of the following is an exogenous variable in the Three-Sector-Model?
a. Real GDP b. GDP price index c. Real risk-free interest rate d. Required reserve ratio e. Quantity of real credit per time period
Which of the following statements best completes the sentence, "All other factors constant, as the nominal interest rate increases, the opportunity cost of money..."?
A. decreases, the velocity of money decreases, and the quantity of money people want to hold decreases. B. increases, the velocity of money increases, and the quantity of money people want to hold decreases. C. decreases, the velocity of money increases, and the quantity of money people want to hold decreases. D. increases, the velocity of money decreases, and the quantity of money people want to hold decreases.