The United States dollar has NOT been officially convertible to gold by international traders since
A) 1930.
B) 1944.
C) 1971.
D) 1995.
C
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The profit motive leads firms to use inputs efficiently.
Answer the following statement true (T) or false (F)
A player is playing a pure strategy when:
A. he chooses a rule to randomize over the choice of a strategy. B. he chooses a strategy without randomizing. C. there is uncertainty in his choice. D. it is not perfectly predictable.
Assume that the equilibrium price for a good is $5 . If the market price is $10, a:
a. shortage causes the price to decline toward $5. b. surplus causes the price to rise above $10. c. shortage causes the price to rise above $10. d. surplus causes the price to decline toward $5.
A nation benefits from international trade if it
a. exports more than it imports. b. imports more than it exports. c. imports goods for which it is a low opportunity cost producer. d. exports goods for which it is a low opportunity cost producer.