In a market system, ________ provide signals about whether resources are relatively scarce or abundant.
A. scientists
B. buyers alone
C. government officials
D. prices
Answer: D
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The empirically observed backward-bending labor supply curve cannot arise from homothetic tastes.
Answer the following statement true (T) or false (F)
The Basel Capital Accord does NOT include
A) requiring bank owners to invest into and have some capital ownership in the banks they own. B) supervision of banks by an oversight board. C) information disclosure designed to encourage market discipline. D) denying access to foreign capital by a country that defaults on its international loans. E) None of the above.
Standardization of derivative contracts:
A. makes the premiums involved with these contracts increase. B. results in increased risk for the parties involved. C. makes them more difficult to understand and therefore leads to increased misuse. D. leads to greater liquidity and lower risk.
Game theory is best applied to the analysis of:
A. oligopoly. B. monopoly. C. perfect competition. D. All of the statements associated with this question are correct.