The exchange rate system followed by the United States is known as
A) the gold standard.
B) a fixed exchange rate system.
C) a flexible exchange rate system.
D) a barter system.
C
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Refer to Figure 24-3. Which of the points in the above graph are possible short-run equilibria but not long-run equilibria? Assume that Y1 represents potential GDP
A) A and B B) A and C C) C and D D) B and D
Which of the following is most consistent with economizing behavior?
a. If you derive the same satisfaction from eating pizza and eating ice cream, it makes no difference which one of the two you choose. b. Before voting, you should invest the time and energy to become fully informed on all of the issues and candidates. c. It never makes sense to hire someone to do something for you that you could do yourself. d. If you get the same satisfaction from a chicken sandwich and a salad, you should purchase the one that costs the least.
What are the different ways in which firms try to differentiate their product from those of competitors?
Basically, the marginal principle helps us to evaluate the factors involved in taking an action or if doing something is worth the effort.
Answer the following statement true (T) or false (F)