Reform of a country's trading system, including the reduction or elimination of trade barriers, is an example of
A) an orthodox stabilization plan.
B) a heterodox stabilization plan.
C) economic populism.
D) import substitution industrialization.
E) structural reform.
E
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How does a free-market system address the output selection task?
Many economists think that, in the long run, the economy tends to move toward
a. the natural or full-employment rate of unemployment. b. the natural or full-employment rate of inflation. c. a severe slump with high unemployment. d. an accelerating rate of inflation.
A car salesperson gives you four alternative ways to pay for your car. The first is to pay $18,000 today. The second is to pay $19,000 one year from today. The third is to pay $20,300 two years from today. The fourth is to pay $21,500 three years from today. If the interest rate is 6 percent, which payment option has the lowest present value and which has the highest?
a. The first is lowest; the second is highest. b. The second is lowest; the third is highest. c. The third is lowest; the fourth is highest. d. The fourth is lowest; the first is highest.
Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart, and together they are the only two gas stations in town. Currently, they both charge $3 per gallon, and each earns a profit of $1,000. If Joe cuts his price to $2.90 and Sam continues to charge $3, then Joe's profit will be $1,350, and Sam's profit will be $500. Similarly, if Sam cuts his price to $2.90 and Joe continues to charge $3, then Sam's profit will be $1,350, and Joe's profit will be $500. If Sam and Joe both cut their price to $2.90, then they will each earn a profit of $900.For both Joe and Sam, ________ is a ________.
A. leaving the price at $3; dominant strategy B. leaving the price at $3; Nash equilibrium C. cutting the price to $2.90; dominant strategy D. cutting the price to $2.90; dominated strategy