Foreign exchange activity is dominated by the spot and swaps markets
Indicate whether the statement is true or false
TRUE
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The income effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded
Indicate whether the statement is true or false
Suppose Kelly and Jerry are at an allocation bundle where their MRS are not equal
a. they are an equilibrium. b. there are gains from trade. c. they are happy. d. they are outside the Edgeworth box. e. they are trading.
Of the following countries, the one that best exhibits the characteristics of a market economy is:
a. Cuba. b. Canada. c. China. d. North Korea.
Which of the following can serve as an entry barrier?
A. Legal restrictions B. Patents C. Control of scarce resources or inputs D. All of these responses are correct.