All of the following are true of the gold standard except
(a) It requires international trading partners to strictly accept gold payments for imports and exports
(b) It supported stable and fixed exchange rates throughout most of the 19th century
(c) It encouraged international trade
(d) It integrated the U.S. monetary system into the world market
(a)
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Which of the following is an example of an "implicit cost"?
A) Interest that could have been earned on retained earnings used by the firm to finance expansion. B) The payment of rent by the firm for the building in which it is housed. C) The interest payment made by the firm for funds borrowed from a bank. D) The payment of wages by the firm.
Pareto optimal policies will improve life for:
A. some people while hurting others. B. at least half the population. C. some people while hurting no one. D. at least 75 percent of the population.
Explain how more than one possible state of nature affects contract choices
What will be an ideal response?
Which of the following is not true about a monopolistic competitor?
A. It charges a higher price than a perfectly competitive firm, ceteris paribus. B. It produces less output than a perfectly competitive firm, ceteris paribus. C. It can earn economic profits in the long run. D. It maximizes profit at the point where MC = MR.