Burn the Boats When Hernán Cortés was leading his men in conquest of the Aztecs in Mexico, he famously burned his boats on the beach before setting off inland. How does this help him to bargain with his sometimes unwilling men?
Burning the boats is a commitment device. His men may have been content to campaign for a little while, plunder some gold and leave. Cortés worried that his men would not be willing to continue the campaign into the heart of Aztec territory. But without boats for a hasty return, he could now convince his men to stay and fight in Mexico until they were in command enough to procure different transportation.
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
An individual’s demand schedule
A. provides information about what quantity a consumer is willing and able to buy at each price. B. tells a buyer how many other buyers will try to purchase an item. C. is a schedule that regulates monthly sales of scarce goods and services. D. is of no use without its accompanying supply schedule.
Suppose market demand is Q = 1000 - 4p. If all firms have LRAC = 50 - 5q + q2, how many identical firms will there be when this industry is in long-run equilibrium?
What will be an ideal response?
Mercosur is a trade agreement between nations
A. in Southern Europe. B. in South America. C. in Southeast Asia. D. in South Africa.