The focal point of the Bretton Woods system was the:
a. Great Britain pound.
b. institution of special drawing rights.
c. U.S. dollar.
d. gold reserve.
e. management of commodity money.
c
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Consider two countries, Muria and Zenya. In Muria total annual output is worth $800 million and people work 40 million hours. In Zenya total annual output is worth $900 million and people work 50 million hours. In which country is productivity higher?
For inferior goods
A. the substitution and income effects of a price increase will both decrease the quantity of the good demanded. B. the substitution effect of a price increase will decrease the quantity of the good demanded while the income effect of a price increase will increase the quantity of the good demanded. C. the substitution and income effects of a price increase will both increase the quantity of the good demanded. D. the substitution effect of a price increase will increase the quantity of the good demanded while the income effect of a price increase will decrease the quantity of the good demanded.