A key difference between clubs and government is _____
a. government requires everyone within its jurisdiction to participate
b. government acts on behalf of the poor
c. government is not frivolous, like most clubs
d. government requires collective action
a
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A nominal anchor is a commitment to keep nominal variables within limits, often tied to an external value or price. When nations do not incorporate such discipline into their monetary policy, exchange rates are often:
a. irrelevant to economic activity. b. extremely volatile, because traders consider monetary shocks to be permanent. c. less dependent on monetary variables. d. determined by political considerations rather than economic fundamentals.
The barrier to entry protecting a social site like Facebook is primarily
A. ownership of a scarce factor of production. B. patents. C. economies of scale. D. network effects.