In a three-player game, each player must have three choices
Indicate whether the statement is true or false
FALSE
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Migration of educated individuals from developing- to developed countries is referred to as the
a. survival of the fittest b. demographic transition c. disguised unemployment d. brain drain e. none of the above
The nominal exchange rate is 3 Malaysian ringgits per dollar. The real exchange rate is 8/5 . If a Big Mac costs 7.5 ringgits in Malaysia, how much does a Big Mac cost in the U.S.? Show your work
If the demand for a product is perfectly inelastic and the supply curve is upsloping, a $1 excise tax per unit of output will:
A. raise price by less than $1. B. raise price by more than $1. C. raise price by $1. D. lower price by $1.
A minor, but important reason, for using non-market transactions is that:
A. buying in the market is just too complicated. B. it makes sure there is proper motivation of production efficiency. C. it avoids sharing proprietary information with other firms. D. all inputs are available in adequate supply in the market.