Which of the following statements is true?
A) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs.
B) Each year China exports about 50 percent of its wheat crop and 40 percent of its rice crop.
C) Most of the leading exporting countries are large, high-income countries.
D) All sectors of the U.S. economy are affected equally by international trade.
Answer: C
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The Bretton Woods system relied on
A) a flexible exchange-rate system. B) a floating exchange-rate system. C) a fixed exchange-rate system. D) an exchange-rate union.
In a monopolistically competitive industry, a firm's demand curve also represent its
a. marginal revenue. b. marginal cost. c. average revenue. d. profit.
Headquartered in Washington, D.C., the Board of Governors of the Federal Reserve determines monetary policies and strategies based on the state of the economy.
Answer the following statement true (T) or false (F)
Observations of real-world situations that appear to violate a consumer optimum could be offered as evidence favoring
A) utility analysis. B) bounded rationality. C) diminishing marginal utility. D) zero marginal utility at a utility-maximizing point.