It is possible for the government to remove individuals from a prisoner's dilemma setting and make them better off.
Answer the following statement true (T) or false (F)
True
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Economics is often described as a science of constrained choice. How do you justify this argument?
What will be an ideal response?
One reason why consumers are unlikely to be too upset about tariffs is because
A) most consumers benefit from protection. B) tariffs are an inexpensive way to create jobs. C) consumer losses are not real losses. D) the costs are so spread out that no one pays a big share of the total. E) the gains of producers are larger.
The Balance of Payments always balances
Indicate whether the statement is true or false
The price of gold is $300 per ounce in New York and 2,550 pesos per ounce in Mexico City. If the law of one price holds for gold, the nominal exchange rate is ________ pesos per U.S. dollar.
A. 85.5 B. 8.5 C. 0.118 D. 1.18