Which agreement was signed in 1944 with the purpose of creating a new international payment system?
A) Philadelphia Accord
B) Bretton Woods
C) Camp David
D) Lake Geneva
B
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If the elasticity of demand for a product equals 3 and the supply is perfectly elastic, then if a tax is imposed on this product,
A) the buyer pays all the tax. B) the seller pays all the tax. C) the buyer pays 3/4 of the tax. D) the seller pays 3/4 of the tax. E) the buyer pays 4/3 of the tax.
Even economists have no single, precise definition of money because
A) money supply statistics are a state secret. B) the Federal Reserve does not employ or report different measures of the money supply. C) the "moneyness" or liquidity of an asset is a matter of degree. D) economists find disagreement interesting and refuse to agree for ideological reasons.
To what can we attribute the relatively high population growth in colonial America, compared with growth in England?
(a) The relatively advanced medicine in the colonies (b) Better climate, food and water (c) Better hygiene and preventive care (d) All of the above
In the market for widgets, the supply curve is the typical upward-sloping straight line, and the demand curve is the typical downward-sloping straight line. The equilibrium quantity in the market for widgets is 200 per month when there is no tax. Then a tax of $5 per widget is imposed. As a result, the government is able to raise $800 per month in tax revenue. We can conclude that the equilibrium
quantity of widgets has fallen by a. 40 per month. b. 50 per month. c. 75 per month. d. 100 per month.