Which of the following best describes exchanges rates that are determined by the demand and supply foreign exchange in the absence of official intervention?
A) floating exchange rates
B) the gold standard
C) fixed exchange rates
D) the Bretton Woods system
Answer: A
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What factors have slowed down the movement to a system where all payments are made electronically?
What will be an ideal response?
If consumer income and all prices double, then the budget line does not change.
Answer the following statement true (T) or false (F)
A point on the demand curve shows the
A) minimum price that people are willing to pay for another unit of a good. B) dollars' worth of other goods that people must sacrifice to consume another unit of the good. C) maximum price that people are willing to pay for another unit of a good. D) consumer surplus a person gains from consuming a unit of a good. E) marginal benefit minus the consumer surplus from consuming another unit of a good.
The question "Is the U.S tax system disproportionate enough?" is a ________ question, and the question "How would higher taxes make the rich behave?" is a ________ question
A) normative; normative B) normative; positive C) positive; normative D) positive; positive