Cooperation among people in an urban, industrialized society
A) becomes more difficult as transaction costs increase.
B) is dependent upon people having a detailed, specific knowledge of the wants and abilities of others.
C) is impossible once the number increases beyond a few thousand.
D) requires coordination by central-planning committees.
E) will not occur unless most people approve of the goals and values of others.
A
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If the nominal exchange rate between the U.S. dollar and the Thai baht (baht per dollar) is lower than the relative purchasing power between the two countries, which of the following would be true?
A) Purchasing power parity predicts that the value of the dollar will fall as traders take advantage of profit opportunities. B) Purchasing power parity predicts that the baht is undervalued as traders take advantage of profit opportunities. C) There are opportunities for profit by purchasing goods in the United States and selling them in Thailand. D) There are no opportunities for profit by purchasing goods in one country and selling them in the other.
Capital goods are typically purchased to ________. They get included in GDP ________
A) replace raw materials; in the year they are produced B) enable the investor to produce other goods and services; in each year they are utilized C) enable the investor to consume less in the current period; as they are used up in the stages of production D) enable the investor to produce other goods and services; in the year they are produced E) none of the above
Which of the following is likely to result in a smaller equilibrium quantity exchanged? a. An increase in both demand and supply
b. A decrease in both demand and supply. c. An increase in demand and a decrease in supply. d. A decrease in demand and an increase in supply.
China is the largest spender on research and development in the world (in total dollars or dollar equivalents).
Answer the following statement true (T) or false (F)