Between the end of World War II and 1971, the United States dollar was
A. the only major currency in the world convertible into gold for purposes of international payments.
B. not used as an international currency.
C. the only major currency in the world not backed by gold.
D. not very important in the transfer of goods between countries.
A. the only major currency in the world convertible into gold for purposes of international payments.
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When can a grim trigger prevent oligopolists from breaking an agreement?
The income that people receive is called
a. national income b. personal income c. disposable personal income d. transfer payments e. net national product
Economists assume that the goal of the firm is to maximize total
a. revenue. b. profits. c. costs. d. satisfaction.
The theory of rational expectations concludes that
A. since expectations can cause discretionary stabilization policies to be pro-cyclical, it is better to rely upon policy rules. B. discretionary monetary policy is a more powerful stabilization device than is discretionary fiscal policy. C. discretionary fiscal policy is a more powerful stabilization device than is discretionary monetary policy. D. discretionary policies are more effective than rules in stabilizing the economy.