The Bretton Woods Agreement
A) fixed the value of the U.S. dollar relative to gold.
B) fixed the value of the U.S. dollar relative to the euro.
C) required foreign central banks to hold certain minimum amounts of gold as foreign exchange reserves.
D) required member nations, other than the United States, to disband their central banks.
A
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Refer to Table 9-11. All of the following are terms of trade that could possibly benefit both countries except
A) 1 hat : 1 clock B) 1 hat : 3/5 of a clock C) 1 hat : 1.5 clocks D) 1 hat : 2.5 clocks
Building a good reputation in the marketplace:
A. is easy to fake. B. can take a long time to establish. C. is not a significant value to a seller. D. All of these statements are true.
When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
a. the role of markets will be replaced by political decision making. b. centralized decision making in all areas is inevitable. c. the preferences of individuals are of no importance. d. economic efficiency will be assured.
Many economists believe that
a. the corporate income tax satisfies the goal of horizontal equity. b. the corporate income tax does not distort the incentives of customers. c. the corporate income tax is more efficient than the personal income tax. d. workers and customers bear much of the burden of the corporate income tax.