Refer to the production possibility graph above. Assume that the economy is in equilibrium at point e. If the labor supply increases due to immigration, the new equilibrium is most likely to be

A fixed exchange rate system where central banks buy and sell gold to keep exchange rates at a given level is called the:

A) fixed standard. B) flexible standard. C) fiat standard. D) gold standard.

The price elasticity of demand for gasoline measures the:

a. responsiveness of gasoline producers to changes in the quality of gasoline. b. responsiveness of customers to changes in the price of gasoline. c. responsiveness of consumer preferences to changes in the quality of gasoline. d. both a and c above.