Nobel Prize winning economist Joseph Stiglitz has argued that since its inception, the _______ has changed its philosophy from an organization that believed markets sometimes behaved badly to an organization that virtually worships free markets.
Fill in the blank(s) with the appropriate word(s).
IMF
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Markets often generate negative externalities because
a. there are too many participants in the marketplace b. property rights are sometimes poorly defined c. identifying pollution sources isn't easy d. free riders are hard to control e. social benefits have not been internalized
In European terms, when the exchange rate for the U.S. dollar increases:
a. the dollar has appreciated. b. the dollar has depreciated. c. the euro has appreciated. d. the dollar has weakened
You own a stock that you think will produce a return of 11 percent in a good economy and 3 percent in a poor economy. Given the probabilities of each state of the economy occurring, you anticipate that your stock will earn 6.5 percent next year. Which one of the following terms applies to this 6.5 percent?
A. arithmetic return B. historical return C. expected return D. geometric return E. required return
If the wage rate is greater than the marginal revenue product of labor, the firm should ________ to maximize profits.
A. hire less labor and produce more output B. hire less labor and produce less output C. hire more labor and produce less output D. hire more labor and produce more output