A comparative advantage in the production of oil is held by
A. Australia.
B. the United States.
C. both countries.
D. neither country.
A. Australia.
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If a firm does NOT know its rival's profit function, then we consider that information to be
A) irrelevant in deciding its best strategy. B) private. C) common knowledge. D) Pareto sub-optimal.
The subprime mortgage bubble featured ____ leverage and the technology stock bubble featured ____ leverage
a. significant; significant b. significant; limited c. limited; significant d. limited; limited
The main disadvantage of an emissions tax is that
a. The total pollution reduction from an emissions tax can not be known for sure b. Firms lack the flexibility to pursue different technologies c. Firms do not have an incentive to reduce pollution d. Firms can not be behave in an economically-efficient manner e. Differences among firms are not incorporated into the policy
Fractional reserve banking is a system in which
A. a fraction of banking services must be provided by depository institutions. B. depository institutions pay a fraction of advertised interest rates. C. depository institutions hold a fraction of total deposits in reserve. D. the money supply is a set fraction of the U.S. gold reserves.