The current international monetary system is best described as a:
a. fixed exchange rate system.
b. gold standard
c. dirty float system.
d. free float system.
c
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Why is it true that shortages usually occur mainly when price controls are in effect?
What will be an ideal response?
A debt contract is incentive compatible
A) if the borrower has the incentive to behave in the way that the lender expects and desires, since doing otherwise jeopardizes the borrower's net worth in the business. B) if the borrower's net worth is sufficiently low so that the lender's risk of moral hazard is significantly reduced. C) if the debt contract is treated like an equity. D) if the lender has the incentive to behave in the way that the borrower expects and desires.
The United Auto Worker (UAW) would best be classified as
A) a craft union. B) an industrial union. C) a guild. D) closed shop union. E) none of the above
A downward-sloping portion of a long-run average total cost curve is the result of
a. economies of scale. b. diseconomies of scale. c. diminishing returns. d. the existence of fixed resources.