________ is defined as a sustained ________ in the price level
A) Inflation; fall
B) Deflation; fall
C) Deflation; rise
D) Answers A and C above are both true.
B
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Most economists believe that the CPI overstates the actual changes in prices while the chain index for GDP understates them
Indicate whether the statement is true or false
If the Fed wants to fight recession, it will ________ the federal funds rate in order to ________
A) lower; increase aggregate demand B) raise; increase aggregate supply C) lower; increase aggregate supply D) raise; decrease aggregate supply E) raise; increase aggregate demand
Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. Which of the following is the outcome with cooperation?
A) Both confess. B) Both don't confess. C) Bob confesses while Harry does not confess. D) Harry confesses while Bo does not confess.
When using game theory to analyze oligopoly, firms will always have a dominant strategy
a. True b. False