How would you characterize the foreign exchange market?
a. Extremely competitive.
b. Somewhat competitive.
c. Monopolistic.
d. Driven by demand by tourists and individuals.
e. Involving usually physical exchange one currency for another.
.A
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The figure above shows the market for polio vaccination in Pakistan. Polio vaccination confers an external benefit because one person's vaccination makes it less likely that other people will catch polio
a. If the market is competitive and left unregulated, how many doses of vaccine will be administered? b. If the Melinda and Bill Gates Foundation underwrites the cost of the vaccine by paying for a large fraction of the preparation and delivery cost, what will happen to the number of doses administered? Why?
A unique resource can serve as
A) an economic profit B) a sunk cost C) an entry barrier D) none of these choices
A rightward shift in a demand curve and a leftward shift in a supply curve both result in a
A. Lower equilibrium quantity. B. Higher equilibrium quantity. C. Lower equilibrium price. D. Higher equilibrium price.
Someone using the reasoning process consistent with the impartial spectator tool would argue that the minimum wage is a:
A. good policy because, based on one's reasoned judgment, it would lead to the greatest good for the greatest number. B. bad policy because, based on one's reasoned judgment, it interferes with the market. C. good policy since based on one's reasoned judgment, it will raise one's wage. D. bad policy since, based on one's reasoned judgment, it will cause unemployment.