If the exchange rate between the Argentine peso and the U.S. dollar is 4 pesos for $1, how much is each peso worth in U.S. dollars?
a) $0.25
b) $0.50
c) $0.75
d) $1.25
Ans: a) $0.25
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Which of the following is not considered part of government spending?
A) a military jet purchased by the federal government B) a nature preserve purchased by a state government C) social security payments to retirees D) teachers' salaries paid by a local government
The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. For firm B,
A) setting a high price is the dominant strategy. B) setting a low price is the dominant strategy. C) there is no dominant strategy. D) doing the opposite of firm A is always the best strategy.
Fiscal policy is:
A. government decisions about the level of taxation and public spending. B. congressional budget office decisions. C. the decisions that affect the available money supply in the economy. D. government decisions about the level of the interest rate in the economy.
Which of the following is not an example of barriers to entry?
(A) In some counties, laws require retail stores to be closed on Sundays. (B) Cable companies must lay miles of underground cable before they can serve a single customer in a new market. (C) An entrepreneur who wants to own a clothing store must rent a building, hire workers, and buy clothing to sell. (D) A person who wishes to practice medicine is required to attend medical school, do an internship, and pass a state exam.