A monopolist faces
A) a perfectly elastic demand curve.
B) a perfectly inelastic demand curve.
C) the market demand curve.
D) a two-tiered demand curve.
Answer: C
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According to the law of diminishing utility, _____
a. the same tax rate should be applied to every dollar b. the rich people should have a lower tax rate as compared to poor people c. the rich people should have a higher tax rate as compared to poor people d. the total burden on the society from a tax will be less if proportional taxation is used e. the poorer people should not be taxed at all
Which of the following will be included as a unilateral transfer in the balance of payments account of a country?
a. Transportation costs involved in traveling from a foreign country to the domestic country b. A foreign worker in the domestic country sending money to his home country c. Compensation earned by foreign workers in the domestic country d. Royalties paid to residents working in a foreign country e. Income paid on foreign-owned investments in the domestic country
A noncooperative outcome after the center nation has undertaken a stabilization policy in response to an asymmetric shock would be that the:
A) center country abandons its own stabilization policy in favor of the home country. B) home country absorbs the losses resulting from the stabilization policy in the center country. C) center country makes concessions, recognizing the impact on the home country and thereby sharing the pain. D) peg is temporarily abandoned.
Merit is judged by one's ability to produce
A) what is considered useful by society. B) what is considered valuable by society. C) what is considered beneficial to society. D) all of the above.