A standard deck of playing cards has 52 cards with 13 cards in each of the four suits; hearts, diamonds, spades, and clubs. Each of the four suits has a king card. If a single card is drawn from a standard deck, what is the probability that the card will be the king of spades?
A) 0.25
B) 0.077
C) 0.019
D) 0.05
C) 0.019
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A perfectly competitive market arises when
A) the market demand is small relative to the output of a firm. B) there are many buyers but few sellers. C) the market demand is very large relative to the output of one seller. D) a firm has control over a unique resource. E) each of the many firms produces a slightly different product.
A foreign exchange intervention that lowers the exchange rate will also ________
A) increase the real interest rate B) decrease the money supply C) increase investment D) decrease international reserves
In a capitalistic economic system, who owns most of the nation's resources?
A. Labor unions B. The government C. Private individuals D. No one
The goal of multilateral trade agreements is usually to
a. reduce tariffs in various nations simultaneously to blunt political pressure for protectionism. b. ensure that tariffs are used only to promote infant industries that will eventually become viable. c. use targeted tariffs to ensure that nations produce those goods in which they have a comparative advantage. d. equalize the level of tariffs across nations so no nation is disadvantaged relative to others.