In practice, cooperative agreements are:
A) the largest single exchange rate format.
B) easy to maintain because they have little impact on the nations.
C) often contentious because nations favor their own situations over those of their trading partners.
D) impossible to maintain because nations have widely differing systems and values.
Ans: C) often contentious because nations favor their own situations over those of their trading partners.
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If the money supply increases, the LM schedule will experience
A) rightward movement along the curve. B) leftward movement along the curve. C) a shift to the left. D) a shift to the right.
If a union is able to restrict the supply of a non-union-made substitute product,
a. wages will increase but employment will decrease b. wages will increase and employment will increase c. wages will decrease but employment will increase d. wages will decrease and employment will decrease e. the demand for non-union labor will increase
Whatever serves as a medium of exchange is: a. money
b. money, as long as it is also the best such medium of exchange available. c. money, as long as it is not also a commodity. d. money, as long as it is not also legal tender. e. not money, unless it continues to be backed by its issuing institution.
When the marginal cost of a price-taking firm is less than the market price of its product, the firm should:
a. expand output (provided that price is not less than average variable cost). b. reduce output (provided that price is not less than average variable cost). c. maintain output (provided that price is not less than average variable cost). d. charge more than the market price.