To Avoid Having to Calculate What One Should Do in Every

question 5

Multiple Choice

To avoid having to calculate what one should do in every specific situation, rule utilitarianism suggests that we follow

• A) our gut instinct.
• B) "rules of thumb."
• C) its rules, especially in dilemmas.
• D) its rules, except in dilemmas.

Understand the quantity theory of money and its implications for inflation and nominal GDP growth.

Identify the factors that influence the velocity of money and its impact on the economy.

Analyze the long-term effects of monetary policy on the price level, real GDP, and potential output.

Understand how changes in aggregate demand and supply affect equilibrium, potential output, and gaps (expansionary and contractionary).

---

Definitions:

Oral Auction

A public sale in which goods or property are sold to the highest bidder through spoken bids.

Vickrey Auction

A sealed-bid auction in which the item is awarded to the highest bidder, but the winner pays only the second-highest bid.

Increasing Bids

A situation in an auction where participants continuously raise their bid amounts to outcompete others.

Oral Auction

A public sale where goods or property are sold to the highest bidder through spoken bids, typically led by an auctioneer.