The gold standard is
A. a type of fixed exchange rate system.
B. a type of managed flexible exchange rate system.
C. a type of floating exchange rate system.
D. a currency exchange system without exchange rates.
Answer: A
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The game between music stores in the figure shows us that:
This figure displays the choices and payoffs (company profits) of two music shops-MiiTunes and The Rock Shop. MiiTunes is an established business in the area deciding whether to charge its usual high prices or to charge very low prices, in the hopes that a new business will not be able to make a profit at such low prices. The Rock Shop is trying to decide whether or not it should enter the market and compete with MiiTunes.
A. only The Rock Shop has a dominant strategy, and so the outcome cannot be predicted.
B. only MiiTunes has a dominant strategy, and so the outcome cannot be predicted.
C. neither store has a dominant strategy, and so the outcome cannot be predicted.
D. None of these statements is true.
Discuss why it is unlikely that a country would specialize in just one product, and support your explanation with an example.
What will be an ideal response?
The regional Federal Reserve bank presidents are:
A. selected by the Federal Reserve Board of Directors. B. responsible for ensuring that money supply can adequately meet the demand for money. C. are responsible for overseeing the day-to-day actions of the regional banks. D. allowed to serve no more than two consecutive four-year terms.
Refer to the above graph. It shows the cost curves for a competitive firm. At output level 20, the marginal cost is:
A. $0.90. B. $1.05. C. $1.20. D. $0.60.