The current exchange rate system for most currencies is described most accurately as one of
a. fixed exchange rates.
b. freely flexible exchange rates.
c. gold standard rates.
d. dirty or managed floating.
d
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According to the income effect, when the price of automobiles rises, people buy fewer automobiles because:
a. they substitute other forms of transportation for driving. b. the nominal amount of their paychecks is smaller. c. the purchasing power of their income is reduced. d. their demand for automobiles is very elastic.
A profit maximizing monopolist sets price and output so that it always operates on the elastic portion of its straight-line demand curve when in equilibrium
a. True b. False Indicate whether the statement is true or false
Which one of the following people is not considered by the BLS as belonging to the labor force?
a. a full-time student at Nassau Community College who devotes all her time to her classes b. Roger Cherrier, who works 30 hours a week at Burger King and goes to school at night c. David Reinblatt, who was fired last week and immediately started searching for a new job d. the President of the United States e. Matt George, who plays professional hockey for the minor league team the Hershey Bears and concedes that he would play for nothing because of the love of the sport
In order to increase the money supply, the banking system must have
a. required reserves. b. the authority to buy corporate stocks. c. the authority to print U.S. currency. d. excess reserves. e. the authority to engage in interstate banking.