The term "dirty float" is used to describe a:
a. currency that is allowed to float only in prosperous times
b. nation that switches from free to fixed rates of exchange.
c. black market in foreign currencies.
d. floating currency that is sometimes changed by government central bank authorities.
d
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In 1961, real GDP totaled $575 billion and in 2011 it totaled $1,255 billion. Between 1961 and 2011, the population increased from 50 million to 100 million. Between 1961 and 2011, the standard of living based on real GDP per person
A) decreased from $125,500 to $28,750. B) increased by about 118 percent. C) increased from $11,500 to $12,550. D) decreased by 9 percent. E) increased by over 300 percent.
Policies to lower the price level of goods in the nation are a concern of:
a. macroeconomics. b. microeconomics. c. both microeconomics and macroeconomics. d. political science.
Sunshine's Organic Market sells organic produce. Assume that labor is the only input that varies for the firm. The store manager has determined that if she hires 12 workers, the store can sell 300 pounds of produce per day. If she hires 13 workers, the store can sell 370 pounds of produce per day. The store earns $4 for each pound of produce that it sells, and the manager pays each worker $80 per
day. Assuming no changes in either the daily wages paid to store workers or the price at which the store sells its produce, what is the minimum number of sales that would allow the firm to increase its profits by hiring a 14th worker? a. 374 pounds per day b. 380 pounds per day c. 390 pounds per day d. 450 pounds per day
A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 60 units of labor, what is average product?
A. 3.7 B. 9.4 C. 6.4 D. 2.4 E. 8.6