At the 1976 IMF conference in Jamaica,
A) the United States reaffirmed its commitment to buy and sell gold at a fixed price.
B) currencies were formally allowed to float.
C) the major countries of the world agreed to continue a system of fixed exchange rates.
D) the gold standard was reestablished.
B
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The Law of Demand states that:
A) the demand for a commodity is mostly influenced by consumers' income. B) the quantity demanded of a commodity is the same for all consumers in a perfectly competitive market. C) the quantity demanded of a commodity varies inversely with the price of the commodity. D) the demand for a commodity always equals the supply of the commodity.
Which of the following statements is true of the long run?
A) Identical firms can enjoy positive economic profits. B) Identical firms face an upward-sloping supply curve. C) Non-identical firms can enjoy positive economic profits. D) Non-identical firms face a horizontal supply curve.