Under the Bretton Woods system established after WWII,
A. each countries currency was backed by gold
B. exchange rates between countries floated
C. exchange rates were fixed and only the dollar was convertible into gold
D. gold had no role
Answer: C. exchange rates were fixed and only the dollar was convertible into gold
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Does Mr. McConaughey's marginal utility from spending time with family and friends and from breaking a sweat obey the principle of diminishing marginal utility?
A) No, neither obeys the principle of diminishing marginal utility. B) Only breaking a sweat obeys the principle of diminishing marginal utility. C) Yes, they both obey the principle of diminishing marginal utility. D) Only spending time with friends and family obeys the principle of diminishing marginal utility.
Which of the following policies would be most likely to reduce the rate of inflation?
A. sale of government bonds by the Federal Reserve B. a reduction in the discount rate C. an increase in the size of the federal budget deficit D. a reduction in the required reserves imposed on the banking system
The price elasticity of demand measures the responsiveness of:
A. firms to changes in demand. B. demand to a change in price of a substitute good. C. demand to a change in price. D. quantity demanded to a change in price.
On the graph above, for a while after t = 0, the growth rate of technology is ________ the growth rate prior to time zero, and ________
A) below; falling B) below; rising C) above; constant D) above; falling