The term "dirty float" is used to describe:
a. international agreements about fishing rights that were developed in the 1960s.
b. the system of exchange rates, which relies primarily on market forces with limited government intervention.
c. the inflation that followed price controls implemented by the Nixon administration.
d. unsound monetary policy.
b. the system of exchange rates, which relies primarily on market forces with limited government intervention.
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Money prices are an extremely effective device for promoting social cooperation because
A) most people want money more than they want anything else. B) people are basically selfish. C) scarcity can be eliminated through appropriate changes in money prices. D) they don't change rapidly when circumstances change. E) they help to clarify the options available to people.
The following question is an example of microeconomic analysis, "What determines the price of gasoline in a particular city or town?"
Indicate whether the statement is true or false
Refer to Figure 7.1. Which of the following are the combinations of movies and T-shirts that would exhaust the budget?
A. A and C B. C and E C. B and G D. A and B
When a market is monopolistically competitive, the typical firm in the market is likely to experience a
a. positive profit in the short run and in the long run. b. positive or negative profit in the short run and a zero profit in the long run. c. zero profit in the short run and a positive or negative profit in the long run. d. zero profit in the short run and in the long run.