The current role of the International Monetary Fund is one of
a. supervising a system of fixed exchange rates.
b. providing assistance to countries with currency or debt problems.
c. setting exchange rates based on a gold exchange standard.
d. acting as a lender of last resort to central banks.
b
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The sum of payments made to resource owners for the use of their resources is:
a. gross domestic product. b. net domestic product. c. national income. d. personal income. e. disposable personal income.
Competitive labor markets see firms acting as though the marginal labor cost is constant
Indicate whether the statement is true or false
Production costs for a given output will be minimized when the
a. budget line and the product indifference curve meet in the vertical axis. b. budget line crosses the product indifference curve. c. budget line begins to bend back on itself. d. product indifference curve and the budget line are tangent.
In the United States, the pollution prevention hierarchy consists of the following
a. source reduction b. reuse/recycling c. cleaner production d. all of the above e. (a) and (b) only