A pay-as-you-go system of financing Social Security is not as good as a fully funded system.
A. True
B. False
C. Uncertain
C. Uncertain
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In the example of good and bad cigarettes, the authors found that bad cigarettes where inferior because
a. they are an economic bad. b. second hand smoke is an economic bad. c. they comprised a large portion of the smokers budget. d. many more useful goods are also inferior.
The maximin criterion is attributed to which political philosophy?
a. utilitarianism b. liberalism c. libertarianism d. repubicanism
The figure below shows the foreign exchange market. D£ is the nonofficial demand curve for pounds. S£ (Spring-summer) and S£ (Autumn-winter) are the nonofficial supply curves of pounds during the spring-summer and autumn-winter seasons, respectively. Assume that the British government is committed to maintaining a fixed exchange rate at $1.90 per pound. In the Autumn-winter period, what type of intervention must British monetary authorities engage in?
A. Buy 20 billion pounds at $1.90 B. Sell 60 billion pounds at $1.60 C. Sell 20 billion pounds at $1.90 D. Buy 10 billion pounds at $1.60
Under what conditions does an oligopoly market result in the same outcome as perfect competition? What does this imply for the oligopoly's long-run profits?
What will be an ideal response?