Which of the following is not an example of an institution (rules of the game)?
a. formal rules of behavior
b. government takeover of private corporations
c. a constitution
d. informal constraints on behavior
e. traditions
B
You might also like to view...
How is economic growth graphically depicted?
A) The long-run aggregate supply curve shifts right. B) Aggregate demand shifts to the right. C) Short-run aggregate supply shifts left. D) The aggregate demand curve shifts to the left.
On a diagram of a production possibilities frontier, opportunity cost is represented by the slope of the production possibilities frontier
Indicate whether the statement is true or false
Suppose the Fed has a target inflation rate of 3%, the Fed always hits its target, and the inflation rate has been 3% for several years
Furthermore, assume Amazon sets the price of its Kindle Fire at $140 in 2012 and wants to keep the real price of the Kindle constant in order to maximize profits. Now suppose that the Fed announces on January 1, 2013 that it will decrease its target rate for inflation to 1%. If Amazon has adaptive expectations, it will set its price for the Kindle in 2013 at A) $137.20. B) $140.00. C) $141.40. D) $144.20.
A perfectly competitive firm with a random demand has a ________ demand curve and ________ marginal revenue curve.
A) horizontal; horizontal B) vertical; horizontal C) vertical; vertical D) horizontal; vertical