Under the _____ arrangement, the exchange rate is adjusted periodically by small amounts at a fixed, pre-announced rate or in response to certain indicators
a. currency board
b. crawling peg
c. reserve currency
d. conventional fixed peg
e. independent float
b
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The pace of settlement of the Old Northwest (Ohio, Indiana, Illinois, ...) was determined primarily by the prices of
a. soybeans, sorghum, and potatoes. b. gold and silver. c. corn, hogs, and wheat. d. cattle, leather, and cheese.
An oligopoly is a market situation in which
A) there are many firms producing differentiated products. B) there is a single firm producing several varieties of a product. C) all the sellers act independently of the others. D) there are very few sellers and they recognize their strategic dependence on one another.
The total burden of a tax is $12,000 and the tax revenue from this tax is $8,000. The excess burden of this tax is
A. $4,000. B. $8,000. C. $10,000. D. $20,000.
The efficient quantity of a public good to produce is found where the marginal cost of producing an additional unit of the public good equals its marginal benefit. This occurs where the marginal cost curve intersects the ________ curve
a. marginal revenue b. average cost c. market demand d. total cost