The breakdown of the Bretton Woods system occurred because
a. the world economy was basically unhealthy
b. the collapse of world gold production undermined the operation of the system
c. the dollar was undervalued
d. the dollar was overvalued
e. the ten richest countries in the world refused to cooperate any longer
D
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A problem with the infant industry argument is that
A) it is too restrictive in targeting new industries to protect. B) it does not protect the most important new industries in a country. C) it is almost impossible to eliminate the tariff once the industry matures. D) it allows infant industries to mature so that tariffs can be eliminated.
Which statement is true?
A. The United States has a larger national output than any other country in the world. B. We have had recessions about every three years since World War II. C. There were no recessions while Ronald Reagan was president. D. None of the statements are true.
Loss aversion is the tendency to experience losses as:
A. more painful than the pleasures that result from gains of the same magnitude. B. more painful than gains of any magnitude. C. less painful than the pleasures that result from gains of the same magnitude. D. just as painful as the pleasures that result from gains of the same magnitude.
The M1 money supply is composed of
A. currency, demand deposits, traveler’s checks, and other checkable accounts. B. currency, demand deposits, savings deposits, money market mutual funds, and small time deposits. C. currency, government bonds, gold certificates, and coins. D. None of the above is correct.