The current system of international finance is a
a. gold standard
b. fixed exchange rate system
c. floating exchange rate system
d. managed float exchange rate system
e. pooled currency exchange system
D
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Prices play a role in a market
A) because they distribute scarce goods to those consumers who value them most highly. B) because when prices are in equilibrium, product shortages or surpluses can occur. C) because they help eliminate poverty. D) because they eliminate scarcity.
The Bureau of Labor Statistics defines the unemployment rate as the percentage of
a. those unemployed relative to those employed. b. the labor force that is unemployed. c. the adult population that is unemployed. d. the adult population that is unemployed or not in the labor force.
The supply curve for the pure monopolist is upsloping.
Answer the following statement true (T) or false (F)
If total revenue exceeds the total cost of production, a firm
A. shuts down. B. breaks even. C. earns a profit. D. suffers a loss.