It has become largely accepted since the end of the Bretton Woods agreement that:
a. the gold standard was superior to anything that has come along since
b. governments have no role whatsoever in determining exchange rates.
c. it is not necessary for governments to fix exchange rates for long periods of time.
d. floating rates simply have not worked.
c
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When an industry supply curve increases enough to erase economic profits,
a. weaker firms exit the industry b. quantity demanded decreases, but only slightly c. all firms in the industry incur economic losses d. entry of new firms and expansion of existing firms stop e. marginal revenue increases
Banks in the United States may create new money equal to their amount of required reserves
a. True b. False Indicate whether the statement is true or false
Consider a monopolistically competitive firm in a market in long-run equilibrium. This firm is likely earning
a. a positive economic profit since it is charging a price above marginal cost. b. no economic profit since it is charging a price equal to its marginal cost. c. a positive economic profit since it is charging a price above its average total cost. d. no economic profit since it is charging a price equal to it average total cost.
What is the estimated effect of unemployment insurance on the period of unemployment?
a. It shortens the period of unemployment. b. It lengthens the period of unemployment. c. It negates an individual’s unemployment status. d. It has no effect on the period of unemployment.