Economists believe that only a small part of human behavior can be explained and predicted by assuming that most people act as if they are motivated by their own self-interest in an effort to increase their expected personal satisfaction
a. True
b. False
Indicate whether the statement is true or false
False
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If relative PPP held, then the real exchange rate must be equal to one
Indicate whether the statement is true or false
What are the conditions that an exchange must satisfy in order to make two individuals participate in it?
In general, firms in a cartel:
A. agree to set price equal to marginal cost. B. do not consider the actions of the other firms in the cartel when making output decisions. C. produce levels of output exceeding the monopoly output level. D. agree to charge the price the monopolist would charge.
The production possibilities curve represents the maximum feasible production combinations resulting from
A) the mix of current resources that utilizes all available inputs using current technology. B) a fixed amount of demand by consumers. C) the lack of trade-offs in production. D) the lack of technology used in production.