Which of the following had resulted from the Smithsonian agreement of 1971?
a. Devaluation of the U.S. dollar
b. Dissolution of a fixed exchange rate regime
c. Appreciation of the U.S. dollar
d. Establishment of an equilibrium exchange rate
e. Laissez-faire in the foreign exchange market
a
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A decrease in the amount of human capital acquired by workers will lead to decrease in the supply of labor
Indicate whether the statement is true or false
If all the world's resources were to magically increase one hundredfold, then:
A. scarcity would disappear. B. trade-offs would become unnecessary. C. economics would no longer be relevant. D. people would still have to make trade-offs.
The hot spot problem is:
A. the U.S. obtains the majority of its oil supplies from politically unfriendly countries. B. some air pollutants such as sulfur dioxide have a greater effect nearby than further away. C. some air pollutants such as carbon dioxide have an equal effect nearby and further away. D. nuclear plants heat up nearby water, causing a decline in the native fish population.
Which is always TRUE at a firm's profit-maximizing rate of production?
A) Total Revenue = Total Costs B) The total revenue curve lies below the total cost curve. C) Marginal Revenue > Marginal Cost D) Marginal Revenue = Marginal Cost