If a used-car dealer suffers economic losses, then
A) as a group, its customers were necessarily made worse off.
B) as a group, its competitors necessarily enjoyed economic profits.
C) it must pass its losses onto its future customers.
D) none of the above is true.
D
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In explaining the evolution of money
A) government regulation is the most important factor. B) commodity money, because it is valued more highly, tends to drive out paper money. C) new forms of money evolve to lower transaction costs. D) paper money is always backed by gold and therefore more desirable than checks.
The standard deviation of a two-asset portfolio (with a risky and a non-risky asset) is equal to
A) the fraction invested in the risky asset times the standard deviation of the non-risky asset. B) the fraction invested in the non-risky asset times the standard deviation of the risky asset. C) the fraction invested in the risky asset times the standard deviation of that asset. D) the fraction invested in the non-risky asset times the standard deviation of that asset.
In the prisoner's dilemma game:
A. neither player has a dominant strategy. B. both players have a dominant strategy. C. only one player will ever have a dominant strategy. D. All of these may be true in a prisoner's dilemma game.
Developing countries have:
A. different normative economic goals than developed countries, because they have much lower per capita incomes. B. different normative economic goals than developed countries, because they have less unemployment. C. the same normative economic goals as developed countries, even though they have much lower per capita incomes. D. different normative economic goals than developed countries, because they have lower inflation.