Economist Douglass North's definition of institutions:
A. includes laws enforced by the government as well as cultural norms.
B. is the humanly devised constraints that shape human interactions.
C. is the rules of the game in a society.
D. All of these statements are true.
Answer: D
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________ keeps the exchange rate fixed in the short run but then adjusts its value at regular intervals to account for supply and demand pressures
A) The European Monetary System B) A managed floating C) A crawling peg D) A crawling float
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna can only set one price, what price should she set?
a. $100 b. $70 c. Any price higher than $100 d. Any price lower than $70