The International Monetary Fund was created
A. in the aftermath of World War II to help nations move off of the gold standard.
B. to collect money from member countries that were running balance of payments deficits.
C. in 1945 by the Bretton Woods Agreement.
D. in 1971 when President Richard Nixon signed the Bretton Woods Agreement.
Answer: C
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Which of the following is the best example of a tariff?
A) a $5,000 per-car fee imposed on all sports utility vehicles imported into the United States B) a limit imposed on the number of sports utility vehicles that the United States can import from Japan C) a tax placed on all sports utility vehicles sold in the domestic market D) a subsidy granted by the U.S. government to domestic sports utility vehicle manufacturers so they can compete more effectively with foreign sports utility vehicle manufacturers
Assume the government was to levy a tax of $100 per person on every individual in the country. Would this tax be characterized as proportional, progressive or regressive? Make sure to explain your reasoning
What will be an ideal response?
Another commonly used algebraic form for a demand function is the semi-logarithmic functional form, ln(Q) = a - bP + cI, where Q is quantity demanded, P is the product price, and I is income
Here, 100 c represents the percentage change in quantity demanded given a one unit increase in income. For a normal good, we should expect the value of c to be: A) positive. B) negative. C) positive or negative. D) We do not have enough information to answer this question.
Well-defined property rights give entrepreneurs the incentive to
A) engage in risky business endeavors in order to accumulate future wealth. B) use the eminent domain laws to seize property for public use. C) lobby Congress in order to increase environmental regulations. D) evade taxes.