The fixed exchange rate system set up in the 1940s was the
A) purchasing power parity exchange system. B) gold standard.
C) Bretton Woods system. D) European Union euro system.
C
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Economists assume that the goal of a firm is to:
a. maximize total revenue. b. maximize total profit. c. minimize production. d. maximize utility.
Stagflation is a contraction, or stagnation, of a nation's output accompanied by inflation in the price level
Indicate whether the statement is true or false
Suppose Smith pays $100 to Jones.
a) We can say with certainty that the GDP has increased by $100. b) We can say with certainty that the GDP has increased, but we cannot determine the amount. c) We can say with certainty that the nominal GDP has increased, but we can't say whether real GDP has increased or decreased. d) We need more information to determine whether GDP has changed.
According to the cost disease of the personal services, service activities that require direct personal contact
A. tend to fall in price relative to other goods and services. B. tend to rise in price relative to other goods and services. C. follow price patterns similar to other goods and services. D. tend to move up and down in price ignoring the rest of the market.