All games have which features?
A) prices, rules, and payoffs
B) rules, markets, and prices
C) rules, strategies, and payoffs
D) rules, strategies, and costs
E) equilibrium, prices, and quantities
C
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All of the following explain why purchasing power parity does not completely explain long-run fluctuations in exchange rates except
A) some countries impose barriers to trade. B) not all goods and services produced in any country are traded internationally. C) most countries have free markets with little, if any, government regulation. D) consumer preferences for goods and services differ across countries.
A curve that shows the price level at which firms in the economy are willing to produce different levels of goods and services and the resulting level of real income is called:
A) aggregate demand. B) aggregate supply. C) potential output. D) natural rate of unemployment.
In the above figure, the opportunity cost of moving from producing 75 guitars and 25 ukuleles to producing 25 guitars and 75 ukuleles is
A) 25 guitars. B) 75 ukuleles. C) 25 ukuleles. D) 50 guitars.
When private property rights in a country are not secure, people cannot use their property as collateral for loans
a. True b. False Indicate whether the statement is true or false