Game theory would classify a cartel under the topic of
A. cooperative games.
B. dominant-strategy games.
C. noncooperative games.
D. zero-sum games.
Answer: A
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________ unemployment is most closely associated with periods of falling GDP
A) Frictional B) Cyclical C) Structural D) Voluntary
A small Caribbean island-country produces only pineapples and rum. If resources are used efficiently in the economy,
A. it will not be possible to produce more rum without decreasing the production of pineapples. B. it will be possible to produce more pineapples without decreasing the production of rum. C. it will be producing on its production possibilities curve. D. it will not be possible to produce more rum without decreasing the production of pineapples AND it will be producing on its production possibilities curve.
The short-run Phillips curve shows the combinations of
a. unemployment and inflation that arise in the short run as aggregate demand shifts the economy along the short-run aggregate supply curve. b. unemployment and inflation that arise in the short run as short-run aggregate supply shifts the economy along the aggregate demand curve. c. real GDP and the price level that arise in the short run as short-run aggregate supply shifts the economy along the aggregate demand curve. d. None of the above is correct.
Which of the following is a normative economic statement?
A) If the government increases spending, unemployment will fall. B) The government should increase spending during times of economic recession. C) If banks create more money, unemployment will decrease. D) If the price of gasoline rises, car pooling will increase.