Which of the following lists of exchange-rate systems is arranged in proper historical order, from earliest to most current?
A. Bretton Woods system, gold standard, managed float.
B. Gold standard, managed float, Bretton Woods system.
C. Managed float, Bretton Woods system, gold standard.
D. Gold standard, Bretton Woods system, managed float.
D. Gold standard, Bretton Woods system, managed float.
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The ability to produce a good at a lower opportunity cost than someone else is called
A) competitive production. B) comparative advantage. C) selective advantage. D) absolute advantage.
Sara looks into her closet and discovers a pair of like-new shoes she no longer wears because they give her blisters. From the economist's perspective, was Sara behaving rationally when she bought those shoes?
A) No. If any of a person's decisions have poor results, that person is irrational. B) Yes, as long as Sara didn't intentionally purchase blister-causing shoes. C) No. The rationality assumption states that rational people never make mistakes. D) It's not clear because psychology, not economics, deals with the rationality assumption.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
?Which of the following is true of the "Introduction" section while writing a paper?
A. ?It describes the general approach to answering the questions that have posed. B. ?It contains a few equations that one estimate and presents in the results section of the paper. C. ?It describes the data used in the empirical analysis. D. ?It states the basic objectives of the study and explains its importance.