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.
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
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.