The concept that describes the situation where the economy has used every available opportunity to make someone better off without making someone else worse off is
A. economic efficiency.
B. the benefits principle.
C. horizontal equity.
D. vertical equity.
Answer: A
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An import quota taxes an import but does not set a limit on how much may be imported
a. True b. False
The price of an exhaustible resource sold in a perfectly competitive market in which technology and consumer preferences do not change over time will tend to
A. stay constant over time. B. always equal the price of the closest substitute for that resource. C. fall over time. D. rise over time.
In equilibrium, the interest parity condition requires that:
a. all rates of returns will equalize. b. all spot and forward rates will equalize. c. the home interest rate minus its expected rate of currency depreciation (against the foreign country) will equal the foreign interest rate on similar assets. d. all rates of returns and forward rates will equalize.
Consider two people involved in a marriage or relationship. If, when one person is caught cheating on their agreement, the other cheats once as a punishment. In this example, then they are using a:
A. tit-for-tat strategy. B. grim-trigger strategy. C. dominant strategy. D. predatory strategy.