A major economic
A) benefit of fixed exchange rates is that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do floating rates.
B) benefit of floating exchange rates it that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do fixed rates.
C) cost of fixed exchange rates it that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do currency board rates.
D) benefit of flexible exchange rates it that they simplify economic calculations and provide a more predictable basis for decisions that involve international transactions than do crawling peg rates.
E) benefit of fixed exchange rates is that the value of goods will remain constant across a large region of consumers.
A
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The prisoners' dilemma is a tool of social analysis, and it shows why
A) individuals sometimes behave in ways inconsistent with their own best interest. B) judges sometimes hand down sentences heavier or lighter than the law recommends. C) people who break the law and are caught are behaving irrationally. D) people who break the law and are caught are behaving rationally. E) societies sometimes produce situations no member of the society wants.
When emissions are measured on the horizontal axis, the marginal cost of abating emissions is
A) downward-sloping because emissions become more and more easy to eliminate once the firm makes the initial commitment to do so. B) downward-sloping because a high level of emissions is cheap to attain, and a low level of emissions is expensive to attain. C) upward-sloping because emissions become more and more easy to eliminate once the firm makes the initial commitment to do so. D) upward-sloping because a high level of emissions is cheap to attain, and a low level of emissions is expensive to attain. E) horizontal because the technology to remove emissions is assumed constant.
Philosopher John Rawls's theory of justice presents an argument in favor of income equality that relies on the
a. belief that, objectively, people would rather trade the uncertainties of fortune for the certainty of moderate income b. belief that human beings are perfectible, and it is the unequal distribution of property that creates unequal distribution of incomes c. argument that in a world of identical individuals, equality of incomes achieves the greatest welfare number of people d. argument that income equality breeds the most efficient use of economy's resources e. idea that private property originates from theft
What is the equilibrium price and quantity under a monopsony?
a. P = 200 and Q = 20 b. P = 240 and Q = 20 c. P = 260 and Q = 24 d. P = 280 and Q = 26