According to this Application, economist Daron Acemoglu categorizes which of the following as participatory institutions?
A) democracies, monarchies, and dictatorships
B) constitutionally limited monarchies and democracies
C) tightly controlled oligarchies, democracies, and constitutionally limited monarchies
D) monarchies, dictatorships, and tightly controlled oligarchies
B
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Opportunity cost is the value of the next best alternative that is given up.
Answer the following statement true (T) or false (F)
How does an increase in a country's exchange rate affect its balance of trade?
A) An increase in the exchange rate raises imports, reduces exports, and reduces the balance of trade. B) An increase in the exchange rate reduces imports, raises exports, and increases the balance of trade. C) An increase in the exchange rate raises imports, reduces exports, and increases the balance of trade. D) An increase in the exchange rate reduces imports, raises exports, and reduces the balance of trade.
In a perfectly competitive market with 75 non-identical firms producing at market price p1
A) the supply curve is flatter than if there were only 35 identical firms. B) the supply curve is more elastic than if there were only 25 identical firms. C) the supply curve is more inelastic than if the firms were identical. D) All of the above.
Graphically, the effects of an external benefit can be shown as
A) a leftward shift of the market demand curve. B) a leftward shift of the market supply curve. C) a downward movement along the market demand curve. D) a rightward shift of the market demand curve.