The legally established value of a country's monetary unit in terms of another under the Bretton Woods system was called the
A) exchange rate.
B) dirty float.
C) special draw.
D) par value.
Answer: D
You might also like to view...
In a perfectly competitive market structure any firm can enter or leave the industry without serious impediments. This implies
A. firms will move labor and capital in pursuit of profit-making opportunities to whatever business venture gives them the highest return on their investment. B. consumers are able to find out about lower prices charged by other firms. C. the products sold will be alike. D. no one buyer or seller has any influence on price.
Production technologies A and B can have the same-shaped isoquant map, with technology A having decreasing returns to scale and technology B having increasing returns to scale.
Answer the following statement true (T) or false (F)
The existence of internal economies of scale
A) cannot be associated with a perfectly competitive industry. B) may be associated with a perfectly competitive industry. C) is associated only with sophisticated products such as aircraft. D) cannot form the basis for international trade. E) focuses more on the industry than individual firms.
A firm realizes that the market price has fallen below its average total costs, and it is now earning a loss. What is the best action for the firm to take in the short run?
A. Shut down if price is greater than average variable costs. B. Produce where MC = MR to minimize losses if P < AVC. C. Shut down if total revenue is less than fixed costs. D. Produce where MC = MR to minimize losses if P > AVC.