The Bretton Woods agreements
a. established a system of fixed exchange rates based on the free convertibility of the U.S. dollar into gold.
b. established a system of fixed exchange rates based on the gold standard.
c. permitted countries with a balance of payments deficit to make regular devaluations of their currencies.
d. established GATT to police and manage exchange rates.
a
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In the United States each year,
A. more than 50 percent of all businesses fail. B. less than 25 percent of all businesses fail. C. over 10 percent of all businesses fail. D. only about 5 percent of all businesses fail.
When a society achieves allocative efficiency, it
A) is not achieving production efficiency. B) is producing that combination of goods and services that society values most highly. C) might or it might not be producing at a point on society's PPF. D) is producing a combination of goods and services whose marginal cost exceeds their marginal benefit. E) is producing the combination of goods and services for which marginal benefit exceeds marginal cost by as much as possible.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. Comparing the minimum wages between 1974 and 2015 addresses the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.
If market interest rates rise, the selling price of existing bonds in the market will, ceteris paribus,
A. Not change. B. Rise. C. Fall. D. Change unpredictably.