Under the Bretton Woods system, a country with a balance of payments deficit
a. could get loans from the U.S. government.
b. could devalue if deflationary policies failed to eliminate the deficit.
c. was not allowed to devalue under any circumstance.
d. was required to devalue its currency immediately.
b
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A savings bank is a depository institution that ________
A) sells shares which it uses to purchase shares in U.S. Treasury bills B) makes mostly home-purchase loans C) is owned by a social or economic group D) makes mostly consumer loans
If a firm experiences increasing returns to scale at all levels of output: a. the slope of its long-run total cost curve is everywhere negative
b. the slope of its short-run average cost curve is everywhere negative. c. the slope of its long-run average total cost curve is everywhere negative. d. the slope of its production function is everywhere negative.
Some people argue that the three main television networks all have similar programming. If true, this observation might best be explained by the:
A. paradox of voting. B. median-voter model. C. law of diminishing marginal utility. D. ability-to-pay principle.
From the late 1960s to the late 1990s, the share of GDP devoted to government purchases
A. drifted gradually downward. B. increased, but only after the onset of a war or a military buildup. C. remained fairly steady. D. drifted gradually upward.