Under the Bretton Woods system, devaluation was:
a. normal
b. routine
c. rare
d. a last resort
d
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If private property rights were established in the oceans, there would probably be
A. more ocean pollution. B. less ocean pollution. C. the same amount of ocean pollution that exists without private property rights in the ocean. D. more ocean voyages on cruise ships.
Which of the following is an explicit cost?
a. The opportunity cost of an owner/entrepreneur's time invested in the firm. b. The opportunity cost of the money the business owner/entrepreneur has invested in the firm. c. The wages paid to workers. d. None of the above.
If the San Diego Opera decreases the price of their opera tickets and their total revenue falls, then this suggests that, at the original price, the demand for tickets to the San Diego Opera was:
A. either elastic or inelastic. B. elastic. C. inelastic. D. unit elastic.
Which idea is inconsistent with perfect competition?
A. price-taking behavior B. a large number of buyers and sellers C. product differentiation D. freedom of entry or exit for firms