If the dollars per peso exchange rate fell,
a. few firms would want to relocate to Mexico
b. the demand for pesos would fall
c. more Americans would travel to Mexico
d. Americans would buy fewer Mexican goods
e. the demand for pesos curve would shift inward
C
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In the 1980s, the U.S. had recessions in ________ and __________.
Fill in the blank(s) with the appropriate word(s).
Refer to Figure 3.6. Answer the following questions about the game represented in the figure:
a. What type of game is represented by the payoff matrix? b. Does Terrance have a dominant strategy, and if so, what is it? c. Does Phillip have a dominant strategy, and if so, what is it? d. At what outcome or outcomes do the players coordinate? e. Are there any Nash equilibria, and if so, what, are they?
The cross-price elasticity of demand for coffee and caskets is likely to be
A) less than zero. B) greater than zero. C) zero. D) infinity.
In an Added Perspective, we learn that Elaine Rodier gave up a job as a nursery school teacher to make appetizers. In doing this, she incurs a(n)
a. implicit cost less than her lost income b. explicit cost at least equal to her lost income c. opportunity cost at least equal to her lost income d. variable cost equal to her lost income e. marginal cost equal to her lost income