If the perceive real wage goes up, real GDP increases:
a. unless the actual real wage remains the same or falls.
b. in the short run.
c. in the long run.
d. all of the above.
Answer: b. in the short run.
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The ________ is the most popular dominant currency that countries fix their currency against
A) Swiss franc B) U.S. Dollar C) SDR D) Euro
An economic naturalist is someone who:
A. studies the process of natural selection in a cost-benefit framework. B. has an innate talent for using economic concepts. C. applies economic insights to understand everyday life. D. uses economic arguments to protect the environment.
What is an example of the bidder's curse?
A) addiction to auctions B) paying less than the auctioned good value C) Bid a value that is higher than the price of the good at a retail store. D) Never win an auction.
Taxes can be used to internalize negative externalities.
Answer the following statement true (T) or false (F)