When did major currencies begin floating against each other, ending the Bretton Woods system?
What will be an ideal response?
March 1973
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Bureaucratic capture occurs when:
A. industries become halted in their ability to continue operating due to over-regulation of the market. B. professionals from one particular industry hold the majority of positions in one particular government office. C. government positions are filled by people with close ties to the group they are supposed to regulate D. lobbyist groups become so powerful that they essentially have a stranglehold on policymakers.
In the Keynesian model, to understand the determination of income and employment it is necessary to understand
A. how interest rates are determined. B. how aggregate demand is determined. C. how long-run aggregate supply is determined. D. how aggregate supply is determined.
If a farmer sells a crop and uses some of the proceeds to repay the Commodity Credit Corporation (CCC), the market price is
A. Lower than the countercyclical payment. B. Lower than the loan rate. C. Higher than the countercyclical payment. D. Higher than the loan rate.
Effective price floors prevent the market price from falling to reach equilibrium.
Answer the following statement true (T) or false (F)