The main goal of the Bretton Woods meeting was to:?
What will be an ideal response?
?set up a new international system of payments and to stabilize exchange rates.
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If a 10 percent price increase generates a 10 percent decrease in quantity demanded, then demand is
A) unit elastic. B) elastic. C) perfectly inelastic. D) perfectly elastic. E) inelastic.
A single-price monopoly is producing at an output level where marginal revenue is $15, marginal cost is $13, and price is $20. This monopoly is
A) not maximizing its profit and should decrease output to increase its profit. B) not maximizing its profit and should increase output to increase its profit. C) maximizing its profit but should shut down. D) maximizing its profit and should not shut down. E) maximizing its profit but still should decrease output to earn even more profit.
If the United States negotiates a voluntary export restraint with international sugar producing nations, then
A) U.S. sugar buyers pay a lower price for sugar. B) U.S. sugar producers produce a smaller quantity. C) imports of sugar increase. D) the U.S. government collects less revenue than if it imposed a tariff on sugar. E) the foreign governments collect more revenue than if a tariff is imposed on sugar.
The paradox of American farming is
A) food has become cheaper and more abundant as the number of farms has decreased. B) the demand for imported luxury food products has risen as the demand for domestic food products has fallen. C) the demand for food has risen as the number of people who pursue farming as a career has fallen. D) the amount of food produced has increased as the average farm size has fallen.