Which of the following was specifically instituted to ensure a successful hard peg?
A) the Bretton Woods Agreement
B) the European Monetary System
C) the European Monetary Union
D) the International Monetary Fund
C
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Use the following graph, which shows the supply and demand curves for dollars in the pound/dollar market, to answer the next question.
Assume that D1 and S1 are the initial demand for and supply of dollars. Now suppose that Great Britain increases its imports of American products. Assuming freely-floating exchange rates, ________.
A. the dollar price of pounds will increase to $5 = 1 pound B. the pound price of dollars will rise to 1/4 pound = $1 C. the pound price of dollars will fall to 1/5 pound = $1 D. Britain will experience a dollar shortage of N?M
The management of expectations has increased in importance in policymaking in recent decades with the rise of ________
A) traditional Keynesian theory B) institutionalist theory C) torsion theory D) new Keynesian theory
Refer to Figure 7.6. Graph A represents:
A. increasing returns to scale.
B. decreasing returns to scale.
C. constant returns to scale.
D. diminishing marginal returns.
In terms of pricing, which of the following is not true for a monopolist?
A.) In the long-run economic profit is impossible. B.) Marginal revenue is always less then the price charged. C.) If marginal revenue is greater then marginal cost increasing output will increase profits (decrease loss). D.) Maximum profit (minimum loss) occurs where marginal revenue equals marginal cost.