In 2001, which of the following countries replaced its currency with the U.S. dollar?
A. Hong Kong
B. Argentina
C. Panama
D. El Salvador
Answer: D
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Refer to the scenario above. The best approach to play this game is to use:
A) a dominant strategy. B) backward induction to come to a decision. C) a credible commitment to influence the payoffs of the game. D) a mixed strategy.
Imperfect information means which of the following?
a. one party to the transaction has more information than the other party b. buyers and sellers have all the information necessary to make an informed decision c. buyers and sellers do not have all the information necessary to make an informed decision d. buyers always have more information than sellers to make an informed decision
Increased opportunities for trade increase production by
A. Protecting countries from competition. B. Improving efficiency through specialization. C. Encouraging countries to be self-sufficient. D. Shifting the production possibilities curve outward.
If the reserve ratio is .05, the money multiplier can be as high
A. as 10. B. as 50. C. as 5. D. as 20.