________ has been the primary system for determining exchange rates since 1971.
A. The Bretton Woods system
B. A managed floating system
C. The gold standard
D. A freely floating system
Answer: B
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During a deflationary period
A) the nominal interest rate is less than the real interest rate. B) the real interest rate is less than the nominal interest rate. C) the nominal interest rate does not change. D) the price level rises.
A deferred payment scheme is more likely to be accepted by a worker if
A) the firm has a reputation of not firing senior employees to save pension costs. B) the worker is very young. C) the worker is very old. D) None of the above.
Marginal cost regulation of a natural monopoly: a. generates economic losses for the seller
b. necessitates a subsidy payment to the firm. c. imposes a price that is less than average total cost. d. is characterized by all of the above.
According to the process of creative destruction, at first the entrepreneur will be able to sell her product for
a. a low price because it is not well known. b. a high price because there is no competition. c. a fair price because these are contestable markets. d. at a price of zero until the market is created.