A drop in dollar price of British pounds means that
a. fewer dollars are needed to buy British pounds
b. more dollars are needed to buy British pounds
c. the mark has appreciated
d. the dollar has depreciated
e. British goods are now more expensive to Americans
A
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Suppose that nominal GDP were $1200 billion in 1990 and $2000 billion in 1995. The implicit GDP deflator was 1.00 in 1990 and 1.50 in 1995. From this we can infer that, between 1990 and 1995
A) nominal GDP rose by 33%. B) prices rose by 66%. C) real GDP remained constant. D) real GDP rose by about 11%.
During the past several decades, foreign aid to sub-Saharan Africa
a. has been smaller than the aid to other regions, but the reduction in the extreme poverty rate has been larger in Africa than in other areas of the world. b. has been larger than the aid to other regions, but the reduction in the extreme poverty rate has been smaller in Africa than in other areas of the world. c. has declined and as a result the poverty rate in sub-Saharan Africa has risen sharply. d. has risen and, as a result, the poverty rate in sub-Saharan Africa has declined substantially.
If a firm uses labor to produce output, the firm's production function depicts the relationship between
a. the number of workers and the quantity of output. b. marginal product and marginal cost. c. the maximum quantity that the firm can produce as it adds more capital to a fixed quantity of labor. d. fixed inputs and variable inputs in the short run.
Nike and Reebok (athletic shoe companies) are considering whether to advertise during the Super Bowl. Devise a simple prisoners' dilemma game to demonstrate the strategic considerations that are relevant to this decision. Does the repeated game scenario
differ from a single period game? Is it possible that a repeated game (without collusive agreements) could lead to an outcome that is better than a single-period game? Explain the circumstances in which this may be true.