Effective cooperation among the members of a commercial society is more likely when
A) economic decisions are placed in the hands of democratically-elected committees.
B) everyone's income is approximately the same.
C) people produce for use rather than for profit.
D) prices do not change in response to temporary changes in circumstances.
E) property rights are clearly defined.
E
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The U.S. dollar will depreciate in value if
A) the demand curve for U.S. dollars shifts rightward. B) the demand curve for U.S. dollars shifts leftward. C) the supply curve of U.S. dollars shifts rightward. D) Both answers B and C are correct.
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
The Big Mac Index suggests that exchange rates should leave Big Mac hamburgers costing the same in the United States as abroad.
a. true b. false
A complicating factor in international trade is that
A. barter is the basis for trade between countries; money is not used. B. gold is used for payments; there are no international payments without gold. C. many other countries prefer to use the U.S. dollar as currency, causing monetary shortage in the United States. D. trade between countries requires different currencies rather than one currency.