The Bretton Woods agreement did all of the following except
a. set up the International Monetary Fund
b. name the U.S. dollar as the key reserve currency
c. set the price of gold at $35 per ounce
d. fix exchange rates
e. return the international monetary system to the gold standard
E
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In understanding and analyzing "market demand," we focus on how much all buyers are
A. willing and wanting to buy at different prices. B. willing and able to buy with their given income. C. willing and able to buy at different prices. D. actually buying now and in the recent past at various prices.
According to the IS curve, the tax multiplier is always ________
A) larger in absolute value than the expenditure multiplier B) equal to the expenditure multiplier C) smaller in absolute value than the expenditure multiplier D) equal to one
Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the average total cost is
a. Aq2 + bq + cq +d/q b. Aq2 + bq + c c. Aq3 + bq2 + cq d. d
Which of the following statements is false?
A) For purposes of computing GDP, the purchases of new residential housing are considered investment although it is undertaken by the household sector. B) Consumption includes spending on durable goods but not spending on services. C) Investment includes fixed investment but not inventory investment. D) b and c