A nation’s currency is said to depreciate when exchange rates change so that a unit of its currency can buy fewer units of foreign currency.
Answer the following statement true (T) or false (F)
True
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Regulation is necessary when transactions costs are low enough to allow bargaining between a polluter and a victim
Indicate whether the statement is true or false
There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There were about 70,000 people on the waiting list to buy season tickets in 2010
Packers tickets are a normal good. As a result of the economic recession in 2010 during which people's incomes decreased, the A) demand for Packers tickets decreased. B) demand curve for Packers tickets shifted rightward. C) quantity demanded of Packers tickets decreased. D) substitution effect changed the quantity demanded.
Refer to Figure 2-2. If Vidalia chooses to produce 40 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
In the coordination failure model, the most likely explanation of business cycles are
A) money supply shocks. B) government spending shocks. C) total factor productivity shocks. D) fluctuations between "good" and "bad" equilibria.