Countries that maintain a constant gold value for their currencies are said to be on a gold standard
a. True
b. False
Indicate whether the statement is true or false
True
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Being a member of a cartel is similar to being in a Prisoner's Dilemma situation because
a. each firm is being held hostage by the decisions of the other firms. b. of anti-trust laws which make price fixing a criminal offense. c. to obtain the best possible outcome for all, an enforcement mechanism is needed. d. of the presence of organized crime in industries with cartels.
Refer to Figure 2-9. What is the opportunity cost of producing 1 snow cone in Iceland?
A) 2/3 of a popsicle B) 3/4 of a popsicle C) 1 1/2 popsicles D) 180 popsicles
The law of demand implies that the demand curve
A) has a negative slope. B) has a positive slope. C) shifts to the right when the price of a good increases. D) shifts to the left when the price of a good decreases.
When calculating the TSLS standard errors
A) you do not have to worry about heteroskedasticity, since it was eliminated in the first stage B) you can use the standard errors reported by OLS estimation of the second stage regression. C) the critical values from the standard normal table should be adjusted for the proper degrees of freedom. D) you should use heteroskedasticity-robust standard errors.