A mechanism for fixing exchange rates is the
A. Flexible exchange standard.
B. Gold standard.
C. WTO agreement.
D. International Monetary Fund.
Answer: B
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Suppose Tammy grew up on a farm and is very good at plowing. In addition, suppose she is a popular country singer who earns $4,000 per performance. If her husband Bob can plow (but not as well as Tammy) but he can’t carry a tune, then it would be most efficient if
A. Tammy did both the plowing and the singing. B. Tammy specialized in plowing and Bob in singing. C. Bob did both the plowing and singing. D. Tammy specialized in singing and Bob in plowing. E. they both plowed and sang.
More goods are available to the average American today than 200 years ago, but today an American has to work more hours to earn the money to purchase most items.
Answer the following statement true (T) or false (F)
To find the social cost of an action, add together
A. the external costs and the internal costs. B. the external and accounting costs. C. the internal costs and the private opportunity costs. D. the private costs and the internal costs.
Which type of barrier to entry allows an electric company to maintain a monopoly over the production of electricity?
A. a patent B. ownership of a scarce factor of production C. diseconomies of scale D. economies of scale