The demise of the gold standard led to
A. more international trade.
B. greater and greater devaluation.
C. freely floating exchange rates.
B. greater and greater devaluation.
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Exhibit 2-18 Production possibilities curves
In Exhibit 2-18, the production possibilities curves for a country are shown for the years Year X and Year Y. Suppose this country was located at point A in Year X and point B in Year Y. This country:
A. is producing the same number of capital goods in both years. B. is producing the same number of consumption goods in both years. C. has shown no growth between Year X and Year Y. D. has higher unemployment in Year X than in Year Y.
Under present U.S. law, marijuana is an example of
A) a government-sponsored good. B) a capital good. C) a public good. D) a government-inhibited good.
The presence of a distorting tax on wage income can result in
A) MPN < MRT1,C. B) MRT1,C < MRS1,C. C) MPN < w. D) MRS1,C < MPN
New smartphone applications are developed to help consumers find the cheapest prices in the neighborhood. As a result,
A) firms get greater market power. B) consumers' search costs are greatly lowered. C) firms are able to charge higher prices. D) only smart markets become more competitive.