A currency system in which governments try to keep the values of their currencies constant against another is called a ________ exchange rate system
A) flexible B) consistent C) fixed D) stable
C
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What two growth rates comprise of the growth rate of potential GDP?
A. Capital gains and investment B. Money and prices C. Labor input and hours worked D. Government spending and net exports
If the marginal physical product (MPP) of the last dollar spent on labor is only half as large as the MPP from the last dollar spent on capital, this firm should
A) increase its use of labor and employ less capital. B) employ more capital. C) increase its use of both labor and capital. D) maintain its current factor utilization pattern.
Wage elasticity of labor supply is a term referring to the
a. percentage change in wages demanded divided by the percentage change in wages supplied. b. percentage change in wages supplied divided by the percentage change in wages demanded. c. percentage change in wages divided by the percentage change in hours worked. d. percentage change in hours worked divided by the percentage change in wages.
A group of producers that agree to set common pricing or output goals is known as a
A. cartel. B. conglomerate. C. monopoly. D. perfect competitor.