Managed float means
a. a fixed exchange rate system with regularly scheduled periodic devaluations
b. a freely floating exchange rate system
c. a hybrid of freely floating exchange rates with occasional intervention by central banks
d. a fixed exchange rate system managed by the European Community
e. a flexible exchange rate system managed entirely by the IMF
C
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The political wisdom of choosing a tariff acceptable to the median U.S. voter is
A) a good example of the principle of the second best. B) a good example of the way in which actual tariff policies are determined. C) a good example of the principle of political negotiation. D) not evident in actual tariff determination. E) usually evident in actual tariff determination.
Using the above table, a unit tax of $2 is imposed on the product. How much of the tax is paid by the producer?
A) $2 B) $1 C) $3 D) unable to determine
Marginal utility is the extra utility a consumer derives from consuming an extra unit of a good
a. True b. False
Technically, the Federal Reserve district banks are corporations whose stockholders are the
a. state governments in each district. b. citizens of the United States. c. Departments of Treasury and Commerce. d. member banks.