On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 0.75 euros. Therefore, one euro would have purchased about ________ U.S. dollars

Suppose a $1 tax is placed on a good. The more elastic the supply of the good, the

A) larger the increase in the after-tax price. B) smaller the decrease in the quantity sold. C) less of the tax will be paid by the buyers. D) more of the tax will be paid by the sellers.

The more time people have to adjust to a price change:

A. will not affect the elasticity of their response unless it is a luxury good. B. the less elastic their demand will be. C. the more elastic their demand will be. D. will not affect the elasticity of their response unless the good is a necessity.

With the Bretton Woods system of international exchange rates

A) the value of a country's currency was determined strictly by the laws of supply and demand. B) the value of a country's currency was determined by its stock of gold. C) there were fixed exchange rates, and most countries were obligated to intervene to maintain the values of their currencies within 1 percent of par value. D) a nation's balance of payments was eliminated.

All these are characteristics of a monopoly except,

a. There is one seller of the product b. Has few substitutes c. Controls a large share of the market d. Controls a small share of the market