_________________________ was an international monetary system in which the U.S. dollar was valued in gold and other exchange rates were pegged to the dollar.
a. The gold standard
b. The flexible exchange rate system
c. The Bretton Woods System
d. none of the above
Answer : c. The Bretton Woods System
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Answer the following statement(s) true (T) or false (F)
1. A rise in absolute prices guarantees that relative prices will rise as well. 2. If the relative price of a gallon of water in terms of milk increases from 1 gallon to 1.5 gallons of milk, then the relative price of milk has fallen. 3. If all absolute prices increase by 10%, then the economy's relative prices will remain unchanged. 4. An increase in the price of gasoline relative to telephones will cause inflation. 5. When silk is shipped from China to Atlanta, transportation costs will make the price of high-quality silk relative to low-quality silk higher in Atlanta than in China
In the figure above, suppose the market is at equilibrium. Then area B is the
A) marginal benefit. B) marginal cost. C) amount of the consumer surplus. D) amount of the producer surplus. E) deadweight loss.
An decrease in the real interest rate will cause an increase in ________
A) consumption B) planned investment C) net exports D) all of the above E) none of the above
Which of the following is most vital if the firms in an industry are going to earn economic profit in the long run?
a. an inelastic demand for the product produced by the firms b. an elastic demand for the product produced by the firms c. managerial efficiency d. high barriers to entry into the industry