The exchange rate system currently used by the industrially advanced nations is:
A. the gold standard.
B. the Bretton Woods system.
C. the managed float.
D. a fixed rate system.
C. the managed float.
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Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$.50Friendly Groceries$4.00$2.50What is the sum of the value added of all of the firms?
A. $3.00 B. $7.00 C. $6.50 D. $4.00
If all firms in a monopolistically competitive industry faced the same demand and cost curves pictured in the above figure
A) new firms will enter the industry. B) some firms will exit the industry. C) their economic profit would be zero. D) they would each produce 60 units.
Based on your understanding of your roommate's preferences, you predict that he will select the spaghetti for his lunch at the cafeteria, but instead he chooses the gyros. How do you describe this event in terms of economic theory?
A) Your roommate is irrational. B) Your roommate does not know what is in his own best interests. C) You roommate does not know his own preferences as well as you do. D) You constructed a model that made a prediction, and the prediction was refuted.
In countries with low inflation:
A. M2 growth is a poor forecaster of inflation. B. M2 growth is a very strong forecaster of inflation. C. there tends to be a greater reliance on checks than electronic payments. D. money stocks are a larger percentage of GDP.