The purpose of the IMF is to:
A. provide developing countries with short-term loans and technical assistance.
B. determine monetary and fiscal policy in developing countries.
C. determine exchange rates for developing countries.
D. buy and sell the currencies of developing countries in order to stabilize their value.
Answer: A
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Bonzo's success in the Easter Basket business has attracted more characters into the Easter Basket industry. If Easter Basket making is a constant cost industry, Bonzo
a. and the new entrants can all expect to be enjoying his current level of profits. b. can expect his profits to be driven down to zero as new competitors push the price down. c. can expect to have to shutdown his operation in the face of new competition. d. will have to increase his price to make up for the loss of any sales to new competitors.
Which of the following is a true statement about the length of recessions and expansions in the United States economy?
A) After 1950, the length of expansions equaled the length of recessions. B) After 1950, the length of expansions were much less than the length of recessions. C) After 1950, the length of expansions were much longer than the length of recessions. D) After 1950, the length of expansions were brief and almost nonexistent.
If a 1 percent decrease in the price of a pound of squash results in a larger percentage decrease in the quantity supplied
A) demand is elastic. B) demand is inelastic. C) supply is elastic. D) supply is inelastic.
Mountain bikers and rollerbladers share the only trail in a city park. The city allows everybody into the park and onto the trail. The mountain bikers say the rollerbladers are a hazard to them; the rollerbladers say it's the other way around. Frequently there are collisions and many injuries occur. Which of the following ways of dealing with the problem does not implicitly grant someone a
property right? a. Allow bikers to use the trail on odd-numbered days and rollerbladers to use it on even-numbered days. b. Allow bikers to use the trail in the morning and rollerbladers to use it in the afternoon. c. Allow only bikers in the park because they have invested in the more expensive sports equipment. d. Kick everybody out of the park. e. Build another trail, put rollerbladers on one and bikers on the other, and give bikers the right-of-way at intersections.