What is a multilateral exchange rate?
a. It is an exchange rate that is measured by using a number of different techniques.
b. It is an exchange rate that calculates the overall movement of the rate against more than just one other currency.
c. It is an exchange rate that is measured once every 10 years.
d. It is a rate that is set by the IMF for many different nations.
Ans: b. It is an exchange rate that calculates the overall movement of the rate against more than just one other currency.
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The law of demand can be explained as
A) legal reasons people make purchases in the marketplace. B) people are willing to make limited sacrifices to acquire products. C) a lot of people wanting the same thing. D) the higher the price, the smaller the quantity demanded, ceteris paribus.
When production moves from the efficient quantity to a point of overproduction,
A) consumer surplus definitely increases. B) the sum of producer surplus and consumer surplus increases. C) there is a deadweight loss. D) consumers definitely lose and producers definitely gain. E) consumers definitely gain and producers definitely lose.
What percentage of American workers now belong to labor unions?
A. Less than 20 percent B. About 40 percent C. About 60 percent D. More than 80 percent
In a command economy, how many people decide what will be produced?
a. a small handful of government officials b. one overall leader c. millions of consumers and producers d. a few thousand corporate managers