In 2009, ________ dollarized to escape from hyperinflation.
A. Argentina
B. Zimbabwe
C. El Salvador
D. Palau
Answer: B
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The subgame-perfect equilibrium of a two-stage game in which firms first choose capacities and then engage in a Bertrand price setting game resembles the equilibrium in:
a. the competitive model. b. the Cournot model. c. the cartel model. d. the price leadership model.
Mike can wash a car in 5 minutes and wax a car in 15 minutes. Tony can wash a car in 10 minutes and wax a car in 20 minutes. Which of the following is true?
a. Mike can wash a car faster and has comparative advantage in washing cars. b. Mike can wax a car faster and has comparative advantage in waxing cars. c. Tony can wash a car faster and has comparative advantage in washing cars. d. Tony can wax a car faster and has comparative advantage in waxing cars.
The economic gains from expanding international trade are measured in hundreds of billions of dollars.
Select whether the statement is true or false. A. True B. False
One explanation economists offer to explain why a decline in the unemployment rate can raise the rate of inflation rates is that
a. firms will be put in a position of competing more intensely for scarce resources b. people will pay higher prices because competition among the suppliers—the firms—intensifies c. workers will focus more directly on protecting their jobs d. firms will refuse to shift higher labor costs along to consumers for fear of losing their markets e. more workers will drop out of the labor market