The ________ is the most popular dominant currency that countries fix their currency against
A) Swiss franc
B) U.S. Dollar
C) SDR
D) Euro
B
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Which of the following statements about perfect competition is true?
A. In the long run, the entry and exit of firms will generate normal profits for firms. B. In the short run, firms can only generate economic profits. C. In the long run, the entry and exit of firms will generate economic profits for firms. D. In the long run, the entry and exit of firms will generate losses for firms.
Suppose real money demand is L = 0.8 Y - 100,000 (r + ?e). If the nominal money supply is 12,000, real output is 15,000, the real interest rate is .02, and the expected inflation rate is .01, then the price level is
A) 3/4. B) 1. C) 4/3. D) 3.
An increase in net wealth will: a. increase consumption and saving at each level of income
b. increase saving and decrease consumption at each level of income. c. decrease consumption and saving at each level of income. d. increase consumption and decrease saving at each level of income. e. have no effect on consumption because consumption is a function of income.
A supply curve can be used to measure producer surplus because it reflects
a. the actions of sellers. b. quantity supplied. c. sellers' costs. d. the amount that will be purchased by consumers in the market.