In what year was the Bretton Woods system of currency exchange set up?
A) 1912 B) 1924 C) 1944 D) 1969
C
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In the above figure, the price elasticity of supply at any given quantity is
A) highest along S1, next highest along S2, and lowest along S3. B) highest along S3, next highest along S2, and lowest along S1. C) equal to zero on each of the three supply curves. D) equal to one on each of the three supply curves.
Describe the mechanism which would take place if the Bank of England decides to increase its money supply by purchasing domestic assets under the gold standard
What will be an ideal response?
Suppose that investment is not very responsive to interest rates, so that a sizable increase in interest rates has only a minor effect on investment. In this case, monetary policy would have:
A. a massive effect on output. B. no effect on output. C. a modest effect on output. D. a substantial effect on output.
Which of the following statements about public goods is not true?
A. They bestow collective benefits on members of society. B. They will be under supplied by the private sector. C. They are only produced by government agencies. D. They are non-excludable since those who do not pay for them cannot be excluded from enjoying them.