Prediction market in Scotland have been used to effectively forecast the outcome of elections in the United States
Indicate whether the statement is true or false
True
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For a natural monopoly, if price is equal to marginal social cost, then
A) the deadweight loss is as large as possible. B) the firm makes zero economic profit. C) there is no deadweight loss. D) there is no deadweight loss and the firm makes a positive economic profit.
If, at the current exchange rate between the dollar and the South African rand of 6.92 rand per dollar, the rand is "undervalued," how do you expect demand and supply in the foreign exchange markets to respond?
A) The supply of the dollar will rise, while the demand for the rand will fall. B) The supply of the dollar will rise, while the demand for the rand will rise. C) The demand for the dollar will rise, while the supply of the rand will fall. D) The demand for the dollar will fall, while the supply of the rand will rise.
When money prices are used to facilitate comparisons of value, money is said to function as a
A) unit of account. B) medium of exchange. C) store of value. D) payments-system ruler.
Analysis that involves value judgments about economic policies is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.