Under the gold standard, each country had little control over its own monetary policies
a. True
b. False
A
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An increase in the demand for lobster due to changes in consumer tastes, accompanied by a decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping lobster, will result in
A) a decrease in the equilibrium quantity of lobster and no change in the equilibrium price. B) an increase in the equilibrium price of lobster and no change in the equilibrium quantity. C) a decrease in the equilibrium quantity of lobster; the equilibrium price may increase or decrease. D) an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease.
Suppose Player X's probability of winning a gamble is 0.8 while that of Player Y is 0.5 . Which of the two will be willing to pay for a test and why?
Inflation has never been a major problem in the U.S
a. True b. False
Where interdependence is especially pronounced, competition among oligopolists will
a. resemble military tactics and strategies. b. disappear. c. lead to large increases in product output. d. entice more firms to enter the market.