The Bretton Woods Conference:
a. established a system of fixed exchange rates.
b. established a system of flexible exchange rates.
c. established a dirty float exchange rate system.
d. did none of the above.
a
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Refer to Figure 2-2. The linear production possibilities frontier in the figure indicates that
A) it is progressively more expensive to produce meat. B) Mendonca has a comparative disadvantage in the production of meat. C) the tradeoff between meat and vegetables is constant. D) Mendonca has a comparative advantage in the production of vegetables.
Why are cows and chickens less prone to becoming extinct?
a. They are usually consumed in huge numbers b. They are mainly privately owned c. They are a part of common resources d. Poaching these animals for their meat is banned by the government e. They are not used for commercial purposes
Which of the following allows member countries to import from other member countries freely, but imposes trade barriers against imports from outside countries?
A. A trade embargo B. A trade bloc C. A trade union D. A cultural union
Refer to the information above. Which of the following equals the annual growth rate of "effective labor" in the steady state in this economy?
A) 2% B) 3% C) 5% D) 10% E) 15%