Monetarism begins and ends with one obsession: _________________.
Fill in the blank(s) with the appropriate word(s).
the rate of growth of the money supply
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Comment on the following statement: "If one player in the game does not have a dominant strategy, it is impossible to predict the outcome of the game."
What will be an ideal response?
Which of the following is indicated by Engel's law?
A. The rate of inflation in an economy is inversely proportional to the rate of unemployment. B. Everything else remaining unchanged, an increase in the price of a commodity lowers the real income of the consumers. C. In the long run the developing countries will grow faster than the developed countries. D. In the long run an increase in per capita income will drive down the relative prices of primary products.
At an output of 156, MC = $17, ATC = $17, and MR = $18. At that output the firm is
A. maximizing its profits, but not operating at peak efficiency. B. maximizing its profits and operating at peak efficiency. C. operating at peak efficiency, but not maximizing its profits. D. neither operating at peak efficiency nor maximizing its profits.
What would happen if the government chooses to increase the number of years that a firm can enjoy patent protection from 20 years to 25 years?
What will be an ideal response?