Fixed exchange rates allow countries to formulate their economic policies independently of other nations
a. True
b. False
Indicate whether the statement is true or false
False
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An industry in which the firm's cost structures do not vary with changes in production will have a long-run supply curve that
A. is perfectly elastic. B. slopes downward. C. is perfectly inelastic. D. slopes upward.
Refer to the graph shown. A perfectly competitive firm would never operate if the price dropped to which segment of the marginal cost curve?
A. DE. B. CD. C. AC. D. CE.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Compared to pure competition, monopolistic competition:
A. provides greater product differentiation at the cost of some excess capacity. B. offers less product differentiation but attains equal productive efficiency. C. offers less product differentiation and lower productive efficiency. D. provides greater product differentiation and achieves greater productive efficiency.