socialism
What will be an ideal response?
a system of economic organization where:
-Ownership and control of the means of production rest with the state
-Resource allocation is determined by centralized planning
-suffers from an information problem
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Under Bretton Woods,
A) any foreign country cannot devalue its currency against the dollar in conditions of "fundamental disequilibrium." B) any foreign country could devalue its currency against the dollar in conditions of "fundamental disequilibrium," but the system's rules did not give the United States the option of devaluing against foreign currencies. C) any foreign country could devalue its currency against the dollar in conditions of "fundamental disequilibrium," and the system's rules did give the United States the same option of devaluing against foreign currencies. D) the U.S. could devalue its currency against the foreign currencies in conditions of "fundamental disequilibrium." E) any foreign country can revalue its currency against the dollar in conditions of "fundamental disequilibrium."
Due to a boom in the US, the average rate of return on investments is likely to rise causing the demand for US dollar to
a. Increase b. Decrease c. Not change d. None of the above
Suppose that the opportunity cost of producing a rocking chair in Mexico is 50 basketballs and the opportunity cost of a rocking chair in Japan is 80 basketballs. Japan and Mexico can realize mutual gains if the terms of trade are
a. greater than 80 basketballs per rocking chair, and Japan produces rocking chairs b. between 50 and 80 basketballs per rocking chair, and Japan produces basketballs c. greater than 80 basketballs per rocking chair, and Mexico produces basketballs d. less than 50 basketballs per rocking chair, and Japan produces basketballs e. between 50 and 80 basketballs per rocking chair, and Japan produces rocking chairs
Use the figure below to answer the following question.
The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. On the basis of this illustration, we can conclude that
A. the amount of time producers have to adjust to a change in demand is not a determinant of the elasticity of supply. B. supply is relatively more inelastic the greater the amount of time producers have to adjust to a change in demand. C. short-run adjustments are more economically efficient than are long-run adjustments. D. supply is relatively more elastic the greater the amount of time producers have to adjust to a change in demand.