Today's exchange rate system can be described as
a. a fixed exchange rate system
b. a freely floating exchange rate system
c. a pegged exchange rate system
d. a flexible exchange rate system
e. a managed float
E
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The three-step procedure for economic analysis
a. works better in macroeconomics than in microeconomics b. begins with characterizing the market c. helps governments decide how to change the market equilibrium d. focuses on goals and constraints e. is used only in microeconomics
Suppose the production of 12 tons of copper in the United States requires the same amount of resources as the production of 3 tons of aluminum. In Mexico, 12 tons of copper requires the same amount of resources as 2 tons of aluminum. Implicitly
A. Neither country has a comparative advantage in producing aluminum. B. Mexico has a comparative advantage in producing copper. C. The United States has an absolute advantage in producing aluminum. D. Mexico has an absolute advantage in producing copper.
Which will cause a demand curve to be relatively elastic?
A. Purchases of the good require a small portion of consumers' budgets. B. The good is considered a necessity. C. The time interval considered is long. D. Few substitutes exist.
The largest income redistribution program(s) in the United States is (are) the
A. Social Security System. B. Supplemental Security Income program. C. Temporary Assistance to Needy Families (TANF) program. D. Medicare and Medicaid programs.