Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cookies in terms of cake is
A) $2.00 per cookie.
B) $4.00 per cookie.
C) 1/2 slice of cake per cookie.
D) 2 slices of cake per cookie.
D
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To optimally deter crime, law enforcement authorities should:
A) set higher fines for crimes that have a lower probability of being caught. B) set the fine equal to the expected benefit, even if it is difficult to catch the offenders. C) ignore the probabilities of catching offenders and attempt to prevent crime at all costs. D) set very high fines regardless of the probability that an offender is caught.
Which of the following statements concerning the International Monetary Fund is true?
a. The IMF was created to help finance economic development in poor countries. b. One of the principal aims of the IMF is to discourage international trade and encourage countries to become self-sufficient. c. The IMF lends money to countries experiencing large balance-of-payments surpluses. d. When the IMF lends currencies, it always insists on the borrowing country taking action to reduce its balance-of-payments surplus. e. The IMF obtains funds from annual membership fees charged to member countries.