In a fiduciary monetary system, the value of the money issued by a government is based on
A) the ability to convert it to some asset of value, like silver.
B) the gold held in that government's vaults.
C) public confidence in that currency's acceptability and predictability of value.
D) its being made out of some material with a market value equal to a bill's face value.
C
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Which organization determines procedures for the settlement of international trade disputes?
A) World Bank B) World Trade Organization C) International Monetary Organization D) International Bank for Reconstruction and Development E) The League of Nations
If the world price of a good is equal to its no-trade equilibrium price, the country will import more of the good from other nations
a. True b. False Indicate whether the statement is true or false
The labor demand curve slopes
a. upward to illustrate that the more productive the worker, the higher the real wage the employer is willing to pay that worker b. upward to illustrate that the higher the wage rate, the fewer workers are demanded c. upward or downward in direct proportion to the rate of inflation d. downward to illustrate that the lower the real wage, the more workers employers are willing to hire e. downward to illustrate that the availability of workers is directly proportional to the real wage
Assume the tennis ball industry, a perfectly competitive industry, is in long-run equilibrium with a market price of $5. If the demand for tennis balls increases and the industry experiences decreasing returns to scale, long-run equilibrium will be reestablished at a price
A. greater than $5. B. equal to $5. C. less than $5. D. either greater than or less than $5, depending on the number of firms that enter the industry.