________ keeps the exchange rate fixed in the short run but then adjusts its value at regular intervals to account for supply and demand pressures
A) The European Monetary System
B) A managed floating
C) A crawling peg
D) A crawling float
C
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________ in the United States ________ in most European countries
A) GDP per hour; is greater than GDP per hour B) Average weekly hours; are greater than average weekly hours C) The Okun Gap; is equal to the Okun Gap D) The Lucas Wedge; is greater than the Lucas Wedge E) Both A and B are true.
According to the Keynesian analysis, the point of equilibrium income
a. must recede as output increases. b. must be a point at less-than-full employment. c. must correspond to the full-employment level. d. can be anywhere along the 45-degree line.
An increase in government expenditures by $100 (unmatched by an increase in taxes) would, if the MPC = 0.9, result in an increase in national income by
a. $1,000 b. $9,000 c. $900 d. $190 e. inadequate information is given
Under the gold standard, balance of trade deficits (or surpluses) were __________.
Fill in the blank(s) with the appropriate word(s).