A currency system in which exchange rates are determined in free markets is called a:
A. fixed exchange rate system.
B. gold standard.
C. flexible exchange rate system.
D. All of these
Answer: C
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A common definition of a recession is a time with
A) a decline in the price level. B) a decline in interest rates. C) a decrease in real GDP for two or more successive quarters. D) a decrease in real GDP for two or more successive years.
Assume a ceiling price is set above the equilibrium price. The final result is the equilibrium price
a. True b. False Indicate whether the statement is true or false
The survey the Bureau of Labor Statistics uses to collect unemployment data is called the:
A. census employment survey. B. current population survey. C. current employment survey. D. census population survey.
Market clearing prices in a market system act as
A. a way for producers to advertise. B. a legally determined rationing device. C. a direct measure of resource costs. D. a signaling device.