The International Monetary Fund was established in part to help avoid foreign currency crises
a. True
b. False
A
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The fair rules approach to fairness requires
A) that consumer surplus equal producer surplus. B) income transfers from rich to poor. C) property rights and voluntary exchange. D) that marginal cost equal marginal benefit. E) that consumer surplus exceed producer surplus because there are more consumers than producers.
The figure above shows Ronald's budget line. He has a weekly income of $20, which he spends on hotdogs and hamburgers. Ronald's real income in terms of hamburgers ________
A) depends on the quantity of hamburgers consumed B) depends on the quantity of hotdogs consumed C) is $20 D) is 10 hamburgers
In the short run, which are most important in determining changes in output?
A. Marginal cost and marginal revenue B. Total costs and revenue C. Average cost and average revenue D. Fixed costs
In the market for potatoes, where price level reaches its low in October and its peak in June, speculators help to:
a. keep the equilibrium price uniform over the year. b. lower the level of consumption in June. c. lower the level of consumption in October. d. keep the equilibrium price level low over the year.