The Bretton Woods system relied on
A. a flexible exchange-rate system.
B. a fixed exchange-rate system.
C. an exchange-rate union.
D. a floating exchange-rate system.
Answer: B
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Other things constant, which of the following would tend to decrease the demand for Disney World vacations?
A) A rise in the price of Hawaiian vacations (a substitute for Disney World) B) A rise in income, if Disney World vacationing is a inferior good C) A fall in the price of air travel (a complementary good) D) New information that Disney World will raise its prices after this summer E) All of the above.
Increase in business taxes will ________ the expenditure curve:
A) decrease. B) increase. C) not change. D) none of the above.
Prospect theory implies that consumers are motivated by
a. The actual price level b. The distance of the price from the reference price c. All of the above d. None of the above
Which of the following is true of a recessionary period?
a. It is usually accompanied by an improvement in the value of an economy's currency. b. It is usually accompanied by low levels of inflation c. It is usually accompanied by a dramatic decline in the stock of inventories. d. It usually lasts for a few months. e. It leads to a drastic decline in government spending.