The international exchange rate system, which was set up just after World War II, continued (with some modifications) until the
a. recession of the early 1960's.
b. middle of the Vietnam War.
c. middle of the Persian Gulf War.
d. early 1970's.
d. early 1970's.
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When the quality of a good deteriorates while its price remains the same, the purchasing power of the dollar
a. increases, so the CPI overstates the change in the cost of living if the quality change is not accounted for. b. increases, so the CPI understates the change in the cost of living if the quality change is not accounted for. c. decreases, so the CPI overstates the change in the cost of living if the quality change is not accounted for. d. decreases, so the CPI understates the change in the cost of living if the quality change is not accounted for.
An ad valorem tax causes the supply curve to:
A. shift to the right. B. become steeper. C. become flatter. D. shift to the left.
Monopolies reduce market efficiency compared to perfectly competitive markets.
Answer the following statement true (T) or false (F)
A tax is sometimes used by government to correct the problems associated with
A. negative externalities. B. internal benefits. C. positive externalities. D. external benefits.