What best describes what makes a cooperative fixed exchange rate system work?
A) There are too many cooks in the kitchen.
B) Take all you can get.
C) You scratch my back, I'll scratch yours.
D) Curiosity killed the cat.
Ans: C) You scratch my back, I'll scratch yours.
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Suppose that the price of labor, the only variable input needed to produce cotton, increases from $100 day to $120 day. The effect on costs will be
a. a parallel shift in the total cost curve. b. a parallel shift in the fixed cost curve. c. a parallel shift in the marginal cost curve. d. a shift in total cost by different amounts for different quantities.
Explain the factors that influence the ultimate burden of the corporate income tax. What conclusion did Arnold Harberger draw about the incidence of the corporate income tax?
What will be an ideal response?
Compared to receiving an equilibrium wage, workers who receive efficiency wages are ________ likely to take actions that will get them fired and are ________ likely to switch jobs
A) more; more B) more; less C) less; more D) less; less
If the price of a textbook rises and then students purchase fewer textbooks, an economic model can show a cause-and-effect relationship only if which of the following conditions holds:
a. students' incomes fall. b. tuition decreases. c. the number of students increases. d. everything else is constant. e. the bookstore no longer accepts used book trade-ins.