If the PPF for guns and butter is bowed outward from the origin, this indicates constant opportunity cost between the two goods
a. True
b. False
Indicate whether the statement is true or false
False
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In games with more than three players, the vertical axes measure
A) the number of players. B) payoffs. C) time. D) all of the above
Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering raising prices, it can expect a relatively:
A) large decrease in quantity demanded. B) large decrease in demand. C) small decrease in quantity demanded. D) small decrease in demand.
Which of the following statements is true?
a. Free trade benefits a country when it exports but harms it when it imports. b. "Voluntary" limits on Canadian exports of hogs are better for the United States than U.S. tariffs placed on Canadian hog exports. c. Tariffs and quotas differ in that tariffs work like a tax and therefore impose deadweight losses, whereas quotas do not impose deadweight losses. d. Free trade benefits a country both when it exports and when it imports.
Under ________ exchange rates, monetary policy is powerful in its effects on internal balance. This conclusion holds
A. fixed; only with perfect capital mobility. B. floating; only with low capital mobility. C. floating; with all degrees of capital mobility. D. fixed; with all degrees of capital mobility.