The "Great Moderation" refers to ________
A) sharp declines in asset prices
B) the long economic expansion of the 1960s
C) the mild economic recoveries of the 1970s and early 1980s
D) the "oil tax" of the 1970s
E) none of the above
E
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Why does a nation experience increasing opportunity cost?
A) As the nation moves from a production point within the PPF to one on the PPF, opportunity costs increase. B) As the nation moves from a production point within the PPF to another point also within the PPF, opportunity costs increase. C) When the amount of resources increases, the opportunity cost of all goods and services increases. D) Resources are not equally productive in producing different kinds of goods and services. E) Because the nation cannot produce at the unattainable production points that lie beyond the PPF.
An arbitrageur in foreign exchange is a person who
a. buys foreign currency, hoping to profit by selling it at a higher exchange rate at some later date b. earns illegal profit by manipulating foreign exchange c. causes differences in exchange rates in different geographic markets d. simultaneously buys large amounts of a currency in one market and sells it in another market e. mediates disputes when there is no agreement on exchange rates in international currency markets
The obligations and prohibitions present in a contract between a franchiser and the franchisee are called vertical restraints
Indicate whether the statement is true or false
Under a system of private property, could a 60-year-old owner of a tree farm benefit by planting and caring for
a. No, the farmer will be dead before the crop will be ready for harvest. b. No, the value of the farmer's land will decline since he is taking it out of production for the next 50 years. c. Yes, the farmer will benefit because this action will increase the value of the land if and when the farmer decides to sell. d. Yes, but only if the project is subsidized by the government or private conservation groups.