The theory that monetary policy conducted on a discretionary, day-by-day basis leads to poor long-run outcomes is referred to as the

Imagine an economy where the government allocates resources among its citizens. Recently, the government divided $1,000 among ten citizens. The amount each citizen received is displayed in the table below

Citizen Amount Received ($) 1 100 2 150 3 50 4 10 5 90 6 200 7 10 8 190 9 20 10 180 a) The government claims that this is an efficient allocation. Do you agree? b) Social workers in the economy criticized the government on the basis of this allocation. What could be the grounds for such criticism?

Suppose that Jack promises that if Jill chooses the high price, he will too. Jack has an incentive to cheat on the agreement.

Answer the following statement true (T) or false (F)