Under the Bretton Woods system
A) the United States was the only nation with floating exchange rates.
B) all nations fixed the value of their currencies against the dollar.
C) the United States was the only nation with a fixed exchange rate.
D) all nations allowed the value of their currencies to be determined by the free market.
B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for used clothing, an inferior good. Which panel describes what happens in this market as a result of a decrease in income?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. How much does Kate produce in the Nash equilibrium?
A. 2,000 B. 1,333.33 C. 800 D. 4,000
One way the Canadian system lowers costs is by rationing expensive procedures
a. True b. False
Which of the following inputs is normally considered to be fixed in the short run?
A) labor B) capital C) money D) All of the above.