Under the Bretton Woods agreement, the officially determined value of a country's currency is referred to as its
A. par value.
B. value-to-weight ratio.
C. GDP.
D. exchange rate.
Answer: A
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In monopolistic competition
A) each firm's price cannot deviate from the average price of other firms. B) each firm supplies a small part of the total market output. C) one firm's actions directly affect the actions of the other firms. D) collusion is possible.
The richest 20 percent of the families in the United States receive approximately ________ percent of total income.
A. 20 B. 10 C. 50 D. 90
When economists assume that people are rational and respond to incentives, they mean:
A. people act with kindness. B. people are altruistic. C. people act in their own self-interest. D. people are selfish.
One would expect a shift down in the Phillips curve if there was a(n)
a. a decrease in aggregate demand. b. decrease in government spending. c. decrease in the money supply. d. a shift in aggregate supply to the left. e. Any of the above