Comparing various exchange systems, which system offers a nation the least control over monetary policy?
A) flexible exchange rates and a closed economy
B) a closed economy
C) an open nonpeg
D) an open peg
Answer: D) an open peg
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In the table above, if the wage rate is $12.00 per hour, the profit-maximizing number of workers is
A) 2. B) 3. C) 4. D) 5.
Firms that have a cover charge for their customers and charge for each item they purchase as well are exhibiting
a. universal access price discrimination b. declining block price discrimination. c. mixed bundling price discrimination. d. two-part price discrimination. e. uniform pricing
Money is
a. an asset that is widely accepted as a means of payment in the economy b. any asset that is convertible into cash c. an asset that is backed by a precious metal such as gold or silver d. any financial asset created and issued by government e. anything used to pay for goods and services, including currency, checks, and credit cards
Let's assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Which statement below is true?
A) Ben can produce spiritual goods more efficiently than Cal.
B) Cal can produce material goods more efficiently than Ben.
C) Ben can produce material goods more efficiently than Cal.
D) Ben can produce both material and spiritual goods more efficiently than Cal.