If Mary prefers bananas to plums and plums to peaches, but is indifferent between bananas and oranges, she
A. prefers plums to oranges.
B. prefers oranges to peaches.
C. is indifferent between oranges and plums.
D. is indifferent between oranges and peaches.
Answer: B
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.
Which of the following economies have the highest degree of economic freedom?
a. Hong Kong and Singapore b. Argentina and Brazil c. Germany and Italy d. Russia and Nigeria
The decision to form a currency union is similar to the decision to peg; however, the currency union requires:
A) a lower level of commitment and therefore requires a lower net benefit. B) a higher level of commitment and therefore requires a higher net benefit. C) more political integration and an agreement to limit trade. D) the loss of political autonomy and is therefore riskier.
Fill in this table.
