A __________ exchange rate policy sets a fixed and unchanging value for the exchange rate against another currency.
a. soft peg
b. floating
c. hard peg
d. defined
c. hard peg
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Mark loves ice cream. At any point in time, he will buy an additional ice cream cone if
A) the marginal benefit from it exceeds the price. B) the marginal benefit from it is zero. C) his willingness to pay is less than the price. D) there is no deadweight loss produced by his purchase of a cone. E) None of the above answers is correct.
What is one difference between the Cournot and Stackelberg models?
A) In Cournot, both firms make output decisions simultaneously, and in Stackelberg, one firm sets its output level first. B) In Stackelberg, both firms make output decisions simultaneously, and in Cournot, one firm sets its output level first. C) In Cournot, a firm has the opportunity to react to its rival. D) Profits are zero in Cournot and positive in Stackelberg.
In a short-run production function before diminishing returns set in, both MPL and APL will have
A. negative slopes and MPL will lie above APL. B. positive slopes and MPL will lie above APL. C. positive slopes and APL will lie above MPL. D. negative slopes and APL will lie above MPL.
Refer to the table shown. The average variable cost of producing five bicycles per week is:Output(bicycles per week)Total cost (dollars)110022003310444055806730790081,200
A. $116. B. less than or equal to $116. C. greater than or equal to $140. D. $140.