If output is below the full-employment level of output, we should expect wages to increase over time
a. True
b. False
B
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Under which exchange rate system was a dollar redeemable for gold only if the dollar was presented by a foreign central bank?
A) a fiat system B) the gold standard C) a managed float exchange rate system D) the Bretton Woods System
An industry's long-run supply curve shows
A) the relationship in the long run between market price and quantity supplied. B) greater than normal profit. C) how average productivity is changing. D) how the government determines the price of the product.
Which of the following is a characteristic of a pure command economy?
a. all resources are privately owned b. economic activity is coordinated by the price system c. competitive markets guide resources to their highest-valued uses d. centralized economic planning is used to answer the basic economic questions e. economic choices are voluntary and are based on rational self-interest
Historical note: In separate court cases, ALCOA and DuPont both faced charges brought by the government that they
a. flooded the market with output to undermine its competition b. charged excessively high prices c. imposed illegal barriers to entry in their respective markets d. monopolized their markets e. sought to create monopolistic competition in their markets