If the current dollars/peso exchange rate is $0.10 per peso, so that 10 pesos buy you a dollar, then how many dollars do you need to buy something that costs 50 pesos?
a. $50
b. $5
c. $15
d. $0.50
e. $1.50
b
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Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates that
A) the supply of bottled water is elastic in the price range considered. B) the supply of bottled water is inelastic in the price range considered. C) the demand for bottled water is inelastic in the price range considered. D) the demand for bottled water is elastic in the price range considered.
Which one of the following will shift the consumption function upward?
a. Higher interest rates. b. An increase in real assets. c. Expectations of future economic growth. d. Lower capacity utilization rates. e. A tax increase.
Which of the following statements is always true when inflation occurs?
a. Lenders benefit and borrowers suffer. b. Borrowers benefit and lenders suffer. c. The international competitive position of the country is negatively affected. d. The domestic money loses purchasing power. e. None of the above is true.
________ is an optimal strategy used in repeated games for getting the other player to cooperate
a. Prisoner's dilemma b. Tit-for-tat c. Coordination game d. One-shot game