When OPEC meets to set production levels, this organization is playing a
A. reaction function game.
B. cooperative game.
C. negative sum game.
D. non-cooperative game.
Answer: B
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Stating the dollar has strengthened against the yen means the dollar has depreciated
Indicate whether the statement is true or false
Assume the price of good Y with its quantity measured on the vertical axis is $100 and the price of good X with its quantity measured on the horizontal axis is $10 . If the consumer's budget is $500, then the absolute value of the slope of the budget line is:
a. 500. b. 1/10. c. 10. d. 100.
Refer to the diagram. Assume that the natural rate of unemployment is 5 percent and that the economy is initially operating at point a, where the expected and actual rates of inflation are each 6 percent. In the long run, the decline in the actual rate of inflation from 6 percent to 4 percent will:
A. reduce the unemployment rate.
B. reduce corporate profits in real terms.
C. have no effect on the unemployment rate.
D. reduce real domestic output.
The exchange rate of a currency will increase if the quantity demanded exceeds quantity supplied at the current exchange rate
a. True b. False Indicate whether the statement is true or false