Federal Reserve monetary policy goals include..
What will be an ideal response?
price level stability
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Consider a two-person, two-strategy game in which only pure strategies are played. Such a game must have at least one
a. Nash equilibrium. b. player with a dominant strategy. c. Pareto-optimal outcome. d. outcome that is both a Nash equilibrium and Pareto optimal.
In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free. b. are willing to buy at various prices. c. need to achieve a minimum standard of living. d. will buy at alternative income levels.
Long lines
a. and discrimination according to seller bias are both inefficient rationing mechanisms because they both waste buyers' time. b. and discrimination according to seller bias are both inefficient rationing mechanisms because the good does not necessarily go to the buyer who values it most highly. c. are an inefficient rationing mechanism because they waste buyers' time, and discrimination according to seller bias is an inefficient rationing mechanism because the good does not necessarily go to the buyer who values it most highly. d. are an inefficient rationing mechanism because the good does not necessarily go to the buyer who values it most highly, and discrimination according to seller bias is an inefficient rationing mechanism because it wastes buyers' time.
An example of a transaction that will be a surplus item on the U.S. balance of payments is
A. a tourist from France buying a ticket to fly from New York to Chicago on United Airlines. B. a U.S. resident purchasing Japanese rice wine. C. a German subsidiary's plant in Alabama purchasing parts from the main plant in Frankfurt. D. a gift of corn from the U.S. government to India.