The exchange rate system agreed to in 1944, in which the U.S. government agreed to buy or sell gold at a fixed price of $35 per ounce, is referred to as
A) the Bretton Woods System. B) the gold standard.
C) a flexible exchange rate system. D) a floating currency standard.
A
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The long-run Phillips curve is ________ than the short-run Phillips curve
A) flatter B) steeper C) more volatile D) less stable
You using a Laspeyres (fixed-weight )price index to compare price changes over time, and the index is based on consumption bundles from 2005 when energy costs were lower and housing costs were higher. Your results are likely to:
A) Overstate changes in the cost of living because the weight assigned to energy is too small. B) Overstate changes in the cost of living because the weight assigned to energy is too large. C) Understate changes in the cost of living because the weight assigned to housing is too small. D) Understate changes in the cost of living because the weigh assigned to housing is too large.
All of the following are possible outcomes of a banking crisis EXCEPT
A) depositors, but not banks, may lose all or a portion of their assets. B) a recession due to decreases in consumption by households. C) decreases in investment. D) a contagion effect of the crisis from vulnerable banks to financial institutions on sound basis.
If an American construction company built a road in Kuwait, this activity would be
A. excluded from U.S. GNP. B. fully included in U.S. GDP. C. included in U.S. GDP but not in U.S. GNP. D. included in U.S. GNP only for that portion that was attributable to American capital and labor.