Under the Bretton Woods system, international debts were settled in:
a. gold.
b. U.S. dollars.
c. British pounds.
d. silver.
e. German marks.
b
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Answer the following statement(s) true (T) or false (F)
1. A firm that has not shut down in the short run will not shut down in response to a decrease in the marginal costs. 2. For prices greater than the minimum value of average variable cost, the firm's short-run supply curve coincides with its short-run marginal cost curve. 3. Given two supply curves passing through the same point, the flatter one has the higher elasticity. 4. Industry's supply curves tend to be less elastic than the supply curves of individual firms. 5. The elasticity of supply is positive because prices and quantities are always positive.
Under which of the following circumstances would the government be running a deficit?
A) G = $7 trillion T = $10 trillion TR = $3 trillion B) G = $7 trillion T = $7 trillion TR = $0 C) G = $5 trillion T = $5 trillion TR = $1 trillion D) G = $5 trillion T = $7 trillion TR = $1 trillion
Evaluate the following statement: "Advertisements that use celebrity endorsements are devoid of any value and do not enhance the efficient functioning of markets."
Possible reasons why the level of employment remained lower than before the Great Recession began, even three years after the recession ended, includes the following, except:
A. There was an extension of the period of eligibility for unemployment benefits B. Structural adjustments that were needed were happening very slowly, if at all C. Worries about rising labor costs were dampening the willingness of firms to increase hiring D. The production of output continued to decline, so that firms had no real need to increase hiring