In order to calculate the real deficit, economists need to know the:
A. rate of inflation, the debt, and the nominal deficit.
B. rate of inflation and the debt.
C. nominal deficit and the rate of inflation.
D. rate of inflation, the debt, and the real interest rate.
Answer: A
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The situation in which a person places greater value on a good as more and more people possess it is called the
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
When recessions are the result of slowing growth in potential output, the government's best policy is to:
A. reduce government spending. B. promote saving and investment. C. decrease aggregate supply. D. increase aggregate demand.
The narrower the definition of a product:
A. the larger the number of substitutes and the greater the price elasticity of demand. B. the smaller the number of substitutes and the greater the price elasticity of demand. C. the larger the number of substitutes and the smaller the price elasticity of demand. D. the smaller the number of substitutes and the smaller the price elasticity of demand.
When a player in a game adopts a strategy which always yields the highest benefit regardless of what the other player does, that player is using a(n)
A) opportunistic strategy. B) dominant strategy. C) tit-for-tat strategy. D) aggressive strategy.