The Bretton Woods agreement:
A. was established immediately after World War I.
B. continued the existing international monetary system.
C. tied the value of foreign currencies to British sterling.
D. established the International Monetary Fund.
Answer: D
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For a given quantity, the total profit of a perfectly competitive firm is equal to the vertical distance between the firm's total revenue curve and its total cost curve
Indicate whether the statement is true or false
If an economy produces 2,000 units of output with a price level of $2 and the money supply (M) is $1,000, velocity is:
A. 4. B. 500. C. 1. D. 2.
Oligopoly is more difficult to analyze than other market models because:
A. the number of firms is so large that market behavior cannot be accurately predicted. B. the marginal cost and marginal revenue curves of an oligopolist play no part in the determination of equilibrium price and quantity. C. of mutual interdependence and the fact that oligopoly outcomes are less certain than in other market models. D. unlike the firms of other market models, it cannot be assumed that oligopolists are profit maximizers.
Both opponents of and proponents of government intervention most likely would agree with which of the following?
A. The market is inherently fair. B. Property rights eliminate the need for government. C. Property rights must exist for a market to operate. D. Government can and does create proper incentives to correct for externalities.