The Bretton Woods system
a. fixed exchange rates in terms of U.S. dollars
b. fixed exchange rates in terms of all major currencies
c. fixed exchange rates in terms of gold
d. established a system of flexible exchange rates
e. established the European monetary system
A
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Which of the following would decrease the balance on the current account?
A) a decrease in imports B) a decrease in foreign direct investment C) a decrease in the amount of aid money the government sends abroad D) None of the above will decrease the balance on the current account.
For purposes of calculating the CPI, the food & beverages category of consumer spending includes the cost of
a. food away from home. b. alcoholic beverages. c. both food away from home and alcoholic beverages. d. neither food away from home nor alcoholic beverages because these are included in the recreation category of consumer spending.
Consumers in the importing country will tend to favor import quotas over free international trade
Indicate whether the statement is true or false
Why is the marginal product of labor for Moe’s higher with two employees than it is with more workers?
a. Adding a second worker yields the biggest efficiency gain.
b. It is less expensive to pay only two workers than for three or more workers.
c. Variable costs are higher with fewer workers.
d. The second worker is the best employee.