One way in which politicians have tried to cut federal spending and borrowing was to refuse to
a. lower the legal debt limit.
b. default on Treasury bonds.
c. raise the legal federal debt limit.
d. issue additional Treasury bonds.
c. raise the legal federal debt limit.
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One argument offered by economists for having a Social Security system is that if there were no Social Security, workers might
A. overestimate the value of retirement. B. save too much. C. work too long. D. not fully comprehend how hard it might be to continue working into their 70s.
Under a fixed exchange rate system, if the government decides to increase the fixed exchange rate, net exports will ________ and the IS curve will shift to the ________
A) increase; left B) increase; right C) decrease; left D) decrease; right
Company A manufactures a single automotive component. It had total revenue of $100,000 and an economic profit of $20,000 . What is the price of the component it manufactures?
a. ($100,000/quantity sold). b. ($100,000/quantity produced). c. ($100,000/quantity sold) ? average cost of the product d. ($100,000/quantity produced) ? average cost of the product
If mixed strategies are allowed in the Copycat Game, a Nash equilibrium will result if
a. both players randomly choose their strategies by flipping a fair coin. b. one player randomly chooses his strategy by flipping a fair coin, while the other player uses a pure strategy. c. one player randomly chooses his strategy by flipping an unfair coin, while the other player uses a pure strategy. d. both players stick to using pure strategies.