Since World War II, international exchange rates have been
a. fixed all the time.
b. floating all the time.
c. fixed most of the time until the early 1970's, and floating most of the time since then.
d. determined by the use of exchange controls.
c. fixed most of the time until the early 1970's, and floating most of the time since then.
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Suppose that there is a temporary, but significant, increase in oil prices in an economy with an upward-sloping SRAS curve.
a. If policymakers wish to prevent the equilibrium price level from changing in response to the oil price increase, should they increase or decrease the quantity of money in circulation? Why? b. If policy makers wish to prevent equilibrium real GDP from changing in response to the oil price increase should they increase or decrease the quantity of money in circulation? Why? c. Can policymakers stabilize both the price level and real GDP simultaneously in response to a short-lived but sudden rise in oil prices? Explain briefly.
The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. a sequential game.
B. a simultaneous game.
C. a cooperative game.
D. an ultimatum.
The total variable cost associated with the production of 5 units of output is
Use the following table to answer the next question.
| Output | Total Cost |
| 0 | $10 |
| 1 | 20 |
| 2 | 28 |
| 3 | 38 |
| 4 | 53 |
| 5 | 73 |
| 6 | 98 |
The total variable cost associated with the production of 5 units of output is
The line of perfect income equality is
A. X.
B. Y.
C. Z.
D. not shown on this graph.