How can the economy of China be characterized?
a. free market
b. centrally planned
c. mixed, but on the side of centrally planned
d. mixed, but on the side of free market
Ans: c. mixed, but on the side of centrally planned
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The table above gives the utility from pens and pencils. If the consumer has an income of $4, pens cost $1, and pencils cost $.20, what is the consumer's total utility when he or she maximizes utility?
A) 374 B) 225 C) 405 D) 365
In sequential games, an especially important part of strategic behavior is to:
A. "think backward, work forward." B. "think forward, work backward." C. "think forward, act backward." D. "think backward, act forward."
To maintain a pegged rate, a nation faces a trilemma and must also:
A) generate extra export revenues. B) watch carefully to ensure imports and exports are equal. C) adjust its interest rates and money supply to ensure the home interest rate is equal to the foreign interest rate to prevent pressure on the exchange rate. D) restrict foreign capital inflows and domestic capital outflows.
To determine whether a nation has an "abundance" of a resource, economists look at:
a. the exports of the nation. b. the imports of the nation. the total quantity of that resource compared with c. the total quantity of the other resource. d. a nation's share of the resource compared with its share of world GDP