An optimum currency union refers to the decision by a country to:
A) join a monetary union that best serves its self-interest.
B) join a free trade area.
C) dollarize its economy.
D) eliminate tariffs.
Ans: A) join a monetary union that best serves its self-interest.
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A student is working on a group class-project where the same grade is assigned to everyone in the group. He chooses to not contribute to the project. What term best describes this situation?
a. Moral hazard b. Tragedy of the Commons c. Public good problem d. Free Rider Problem
Marginal revenue product is measured in dollars per unit of output
a. True b. False
Positive externalities arise when
A. a profitable firm is regulated. B. tax rates are reduced. C. an unprofitable firm is shut down. D. production of a good generates benefits that spill over to third parties.
Refer to Figure 3-4. At a price of $25, how many units will be sold?
A) 400 B) 500 C) 600 D) 800