The Bretton Woods system collapsed because:?
What will be an ideal response?
?the gold value of the dollar exceeded the exchange value, causing an outflow of gold from the U.S.
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In a game, what is meant when a player is said to have a dominant strategy?
What will be an ideal response?
A public recreation area that has become unpleasantly crowded is exhibiting a negative externality that is frequently associated with:
A. bargaining. B. Pigouvian policies. C. public goods. D. common property resources.
Which of the following is a criticism of the U.S. poverty line definition?
a. It doesn’t include government assistance such as food stamps. b. It is adjusted for different costs of living. c. It is not adjusted for inflation. d. It doesn’t include medical expenses.
The mathematical result showing that, under certain assumptions, there is no scheme for aggregating individual preferences into a valid set of social preferences is called