The market in which households, firms and governments buy and sell national currencies is known as
A. flexible exchange rates.
B. the foreign exchange market.
C. standard drawing rights.
D. the exchange rate.
Answer: B
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The quantity of labor supplied depends on the
A) money wage rate not the real wage rate. B) real wage rate not the money wage rate. C) price of output not the money wage rate nor the real wage rate. D) level of profits.
"A single-price monopolist charges a higher price and produces more output than a perfectly competitive industry." Is the previous statement correct or incorrect? Explain your answer
What will be an ideal response?
Which of the following describes the growth in real GDP per person in the United States from 1900 to the present?
A) It has doubled. B) It has decreased. C) It has increased by more than eight times. D) It has increased twenty times.
In order for the price system to have satisfied the exacting requirements for efficiency,
A. MU must equal MC for each and every commodity. B. the average cost of producing each good must be equal to its MU. C. the maximum possible of total economic profit must be produced. D. every consumer’s MU will be equal to marginal physical product.