The years between 1896 and World War I were characterized by:
a. rapidly rising prices in the U.S.
b. wild fluctuations in international exchange rates.
c. the "heyday" of the gold standard in the U.S. and most industrialized countries.
d. barriers that prevented the flow of goods and capital across international borders.
e. All of the above.
c. the "heyday" of the gold standard in the U.S. and most industrialized countries.
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Use the above figure. At equilibrium, the exchange rate is
A) 1 euro = $1.25. B) $0.80 = 1.25 euro. C) $1 = 1.25 euro. D) $1 = 8 euros.
To say that a firm is competitive in the labor market is to say that the firm can choose
a. both the wage it pays its workers and the number of workers it hires. b. neither the wage it pays its workers nor the number of workers it hires. c. the wage it pays its workers, but it cannot choose how many workers to hire. d. the number of workers it hires, but it cannot choose the wage it pays its workers.