The primary international reserve asset in most countries is:
a. silver.
b. gold.
c. the euro.
d. the U.S. dollar.
e. the Japanese yen.
d
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The infant industry argument is that:
a. those industries that produce products for infants should be protected. b. protectionism will provide consumers with lower prices. c. protectionism should be used to create a level playing field for the domestic firms to compete with foreign firms. d. protectionism promotes complete specialization in the country on the basis of comparative advantage. e. new industries should be protected from foreign competition until they have had adequate time to develop.
Because gun violence is portrayed frequently on television and in movies, people mistakenly assign too high of a probability that they will fall victim to gun violence, and too low of a probability to more likely but less publicized events. This
phenomenon illustrates: A. the effect of the availability heuristic. B. that people suffer from hindsight bias. C. that events are poorly framed by the media. D. the self-serving bias at work.
Utility analysis is the analysis of
A) how consumers decide how to earn more money. B) the formation of tastes and preferences. C) the psychology of decision making. D) consumer decision making based on utility maximization.
Flexible exchange rates exist when
A. exchange rates are determined by forces of supply and demand. B. speculators bet that a currency will soon be depreciated. C. governments and central banks spend foreign reserves to prop up an exchange rate at a certain level. D. no one knows what the true value of a currency is.