"Supply curves are upward sloping" is a graphical way of saying
a. supply equals demand
b. price and quantity supplied are inversely related
c. price and quantity demanded are directly related
d. price and quantity supplied are directly related
e. price and quantity demanded are inversely related
D
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Which of the following may not be true for "multiple exchange rates"?
A) They are a form of protectionism. B) They try to improve a country's BOP. C) They use different exchange rates for different international transactions. D) They are less costly to administer than floating exchange rates.
Policy independence for the Federal Reserve is logically similar to allowing the ________
A) National Oceanographic and Atmospheric Administration to select the nation's weather B) Congressional Budget Office to estimate the government's expenditures C) individual states to set highway speed limits D) Social Security Administration to determine benefit levels and eligibility requirements
As the equilibrium price falls in a perfectly competitive market, so do firms':
A. average costs and so do their profits. B. total costs, and their profits rise. C. revenue and so do their profits. D. revenue, and their profits rise.
In the former Soviet economy, the supreme planning board that transmitted economic decisions down to producing and consuming units was called the:
a. Soviet Ministry. b. Polit Bureau. c. Gosplan. d. Soviet Central Committee for Economic Planning.