A commodity money standard exists when exchange rates are:
a. artificially pegged to the price of oil.
b. fixed in terms of gold, thus creating flexible exchange rates between countries.
c. fixed in terms of gold, thus creating fixed exchange rates between countries.
d. allowed to fluctuate based on the values of different currencies.
e. fixed, based on the values of different currencies, in terms of some commodity.
e
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Refer to the table above. Suppose that the only variable input that the firm uses is labor. What is the wage paid to a worker in the firm?
A) $1 B) $5 C) $10 D) $15
U.S. imports of sugar are limited by an import quota that, according to a study updated in 2013, imposed a total cost on American consumers close to $________, or an average cost of ________ per year for every man, woman, and child in the country
A) $3 billion; $10 B) $105 million; $3 C) $2 billion; $110 D) $3 billion; $2,000 E) $370 million; $2,000
Capital, labor, and land
a. have derived demands. b. are factors of production. c. are inputs used in the production of goods and services. d. All of the above are correct.
Consider two points on the PPF: point A, at which there are 50 oranges and 100 apricots, and point B, at which there are 51 oranges and 98 apricots. If the economy is currently at point B, the opportunity cost of moving to point A is
A) 2 apricots. B) 1 orange. C) 98 apricots. D) 3 oranges.