Refer to Table 2-20. What is Japan's opportunity cost of producing one wristwatch?
A) 0.04 pounds of rice B) 4 pounds of rice C) 25 pounds of rice D) 40 pounds of rice
C
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Buyers scrambled to secure stocks of Australian wool following a forecast of an 11 percent decline in wool production. What happens in the Australian wool market as a result of this announcement?
A) The quantity of Australian wool demanded increases in anticipation of higher prices in the future. B) The demand curve for Australian wool shifts to the left in anticipation of higher prices in the future. C) The quantity of Australian wool demanded decreases in anticipation of lower quantities in the future. D) The demand curve for Australian wool shifts to the right in anticipation of higher prices in the future.
The 1996 replacement of Aid to Families with Dependent Children with Temporary Assistance for Needy Families constitutes the single biggest reform in the welfare system in the United States in the last 70 years
a. True b. False
A foreign exchange option is: ยท
a. the right to engage in buying or selling on the spot market. b. the right to purchase or sell foreign currency at a specified price on a specified date in the future. c. when the price of foreign currency exceeds the spot rate. d. when a speculator must decide whether to move into the market.
___________ is the study of how people behave in strategic situations.
A. Game theory B. Administered prices C. Price leadership D. Kinked demanded