Under the Bretton Woods system:
A. all nations fixed the value of their currencies against the dollar.
B. the United States was the only nation with a fixed exchange rate.
C. the United States was the only nation with floating exchange rates.
D. all nations allowed the value of their currencies to be determined by the free market.
Answer: A
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The idea that what’s good for one person may not be good for all people is known as the
a. cause-effect fallacy. b. fallacy of composition. c. moral hazard problem. d. disequilibrium position.
A leftward shift of a supply curve represents a decrease in supply
a. True b. False
Coase argued that the free market should be able to solve the externality problem without assigning property rights
a. True b. False
Refer to Figure 19.2. Diminishing marginal utility begins after
A. The third apple. B. The fourth apple. C. The first apple. D. The fifth apple.