From 1970 to 1998 the U.S. dollar
a. gained value compared to the Italian lira because inflation was higher in Italy.
b. gained value compared to the Italian lira because inflation was lower in Italy.
c. lost value compared to the Italian lira because inflation was higher in Italy.
d. lost value compared to the Italian lira because inflation was lower in Italy.
a
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The dominant strategy for each of the players in the prisoner's dilemma game does not yield the optimal outcome for each player because:
A) each player is misinformed about the decision that has been made by the other player. B) the players do not understand the consequences of each of the choices they can make. C) the two players are not allowed to communicate or otherwise cooperate with each other. D) each player fails to consider how the other player might act.
When labor inputs are finely divisible, the average product of labor curve is ______ sloping at L if the marginal product is ______ the average product.
A. downward; above B. upward; above C. upward; below D. vertical; equal to
How does a pollution tax decrease the volume of? pollution?
How does a pollution tax decrease the volume of? pollution?
A.
Less of the polluting good is demanded.
B.
Each unit of the polluting good generates less pollution.
C.
More pollution permits are purchased.
D.
All of the above.
E.
Only A and B.
Based on the graph showing the run-up of nominal home prices, if a person had wanted to buy a house, hold it for one year, and then sell it for a profit, which of the following years would have been the worst to make the purchase in?
a. 1922
b. 1966
c. 1992
d. 2006