In 2014, remittances was over:
A. $590 Billion.
B. $60 Billion.
C. $1 Trillion.
D. $500 Million.
Answer: B
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In Figure 11.3, if the MPS is 0.25 and the distance between points C0 and C1 is 200, then the distance between points y0 and y1 must be
A) 50. B) 200. C) 400. D) 800.
Under a Cournot duopoly, the collusion curve represents:
A) all possible allocations of the pure monopoly quantity among the two firms in the duopoly. B) all possible allocations of the pure monopoly quantity that would be possible if the two firms in the duopoly did not cooperate. C) all optimal price-quantity outcomes for a cartel rather than a Cournot duopoly. D) the potential profits to be earned by firms in a collusive cartel.
A perfectly inelastic demand implies that buyers
a. decrease their purchases when the price rises. b. purchase the same amount as before when the price rises or falls. c. increase their purchases only slightly when the price falls. d. respond substantially to an increase in price.
Which of the following could be called a virtue of raising prices of depletable resources? (i) It would discourage consumption and waste. (ii) It would stimulate more efficient use of resources. (iii) It would encourage innovation and discovery of alternatives.
A. i, ii, and iii B. Only i C. Only ii D. Only iii