If the supply price on 100 acres is zero, then $30 for the next 100 acres, and finally $60 for the third 100 acres, the supply curve of land curve is
a. vertical at 100 acres
b. a straight, upward-sloping curve starting at the origin
c. horizontal at $30 (the average rent)
d. upward-sloping and step-shaped
e. U-shaped starting at $30 (the average rent)
D
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A policy to do nothing and allow the economy to self-correct or adjust without interference from the federal government is also called a(n) _______________ policy:
a. nonintervention b. active c. stabilization d. fixed rule
The Bretton Woods System of exchange rates was established:
a. to solidify support for the then-existing gold standard. b. to peg the worldwide price of silver to the price of gold. c. in Europe before World War II to establish a flexible exchange rate regime. d. in the United States in 1944 to develop a gold exchange standard. e. by a mechanism that made gold the reserve currency of the system.