Suppose in London £/$ = 0.5 while in New York £/SF = 0.2. The corresponding cross rate (SF/$) is
A) 2.5.
B) 0.1.
C) 0.4.
D) 0.3.
A
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If a few oil-producing countries in the Middle East decide to jointly limit the production of oil,
A) they are forming a cartel. B) they would like the price of oil to be the same as if the market were perfectly competitive. C) game theory does not apply to their actions because they are nations, not firms. D) they will try to operate as a large, monopolistically competitive firm. E) they will agree to lower the price of oil in order to increase their profits.
Non-paying activities in economics are referred to as:
A) relief. B) leisure. C) free time. D) unemployment.
Assuming constant returns to scale, if two countries are otherwise the same, the one that is poorer grows faster
a. True b. False Indicate whether the statement is true or false
Consumers' surplus is the difference between the maximum price the buyer is willing and able to pay for a good and the actual price paid
Indicate whether the statement is true or false