Which of the following is NOT an important determinant of collusion in pricing games?
A. The history of the particular market.
B. The punishment mechanisms that are in place.
C. The number of firms in the industry.
D. None of the answers is correct.
Answer: D
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If social indifference curves are straight lines with slope of -1, the ethical standard for judging outcomes places all weight on the sum of outcomes and no weight on the distribution of outcomes.
Answer the following statement true (T) or false (F)
Refer to Table 7-6. Which country has an absolute advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
For which of the following workers would the substitution effect be more likely to outweigh the income effect of an increase in wage?
a. air traffic controller b. marketing manager c. waitress d. dentist
The U.S. dollar is important as a vehicle for foreign-exchange transactions between two countries other than the United States.
a. true b. false