Rising prices will discourage consumption and encourage conservation
a. True
b. False
Indicate whether the statement is true or false
True
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If a French company sells 1000 gallons of Perrier to a U.S. company at 5 euros per gallon, and uses the money to buy stock in a Spanish cork company, how does this affect the French balance of payments accounts?
A) Decrease in financial account; increase in merchandise trade B) Decrease in merchandise trade; increase in financial account C) Decrease in net investment income from abroad; increase in financial account D) Decrease in merchandise trade; increase in net income from abroad
Suppose a monopoly producer is also a monopsonist in the labor market. Demand for the output is p = 100 - Q. The production function is Q = L, and the labor supply curve is w = 10 + L. How much labor does the firm hire? What wage is paid?
What will be an ideal response?
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. If Charlie knows Joe always throws scissors, what is Charlie's best response?
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A. Rock
B. Paper
C. Scissors
D. The answer cannot be determined from the information given.
Which of the following correctly describes the Phillips curve?
a. A curve showing the inverse relationship between interest rates and the quantity of money demanded. b. A curve showing the direct relationship between interest rates and the quantity of money demanded. c. A curve showing the direct relationship between the inflation rate and the unemployment rate. d. A curve showing the inverse relationship between the inflation rate and the unemployment rate.