The Bretton Woods system
a. put the world on a gold standard.
b. put the world on a system of fixed exchange rates.
c. put the world on a system of floating exchange rates.
d. established the system of balance-of-payments accounts.
b. put the world on a system of fixed exchange rates.
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According to the liquidity premium theory of the term structure, a flat yield curve indicates that short-term interest rates are expected to
A) rise in the future. B) remain unchanged in the future. C) decline moderately in the future. D) decline sharply in the future.
The rule of thumb for a government deciding whether to provide a public good is that the: a. marginal cost of the good should be less than the marginal benefit
b. opportunity cost of the good should be greater than the marginal benefit. c. sunk cost of the good should be equal to the marginal benefit. d. variable cost of the good should be greater than the sunk cost.
Rapid economic growth:
A. has happened in various places around the world since the 1300s. B. has occurred since 1500, but backsliding has prevented real growth. C. is a modern phenomenon, happening only this year. D. is a modern phenomenon, happening only in the last century or two.
A monopolistically competitive firm minimizes its losses by producing where MR = MC as long as
A. P > AFC. B. P > AVC. C. P > MR. D. P > ATC.