What best describes what makes a cooperative fixed exchange rate system work?
A) There are too many cooks in the kitchen.
B) Take all you can get.
C) You scratch my back, I'll scratch yours.
D) Curiosity killed the cat.
Ans: C) You scratch my back, I'll scratch yours.
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In the real business cycle theory, during a period when output is falling,
a. workers are voluntarily giving up their jobs. b. the quantity supplied of labor is falling. c. aggregate productivity must be falling. d. all of the above. e. none of the above.
The optimal quantity of air pollution is
A) whatever amount of pollution is produced by the profit maximizing firm. B) found by equating the marginal benefits from further reductions in pollution and the marginal costs of further reductions in pollution. C) found by setting the quantity of air pollution equal to the quantity of water pollution. D) a meaningless concept since monetary values cannot be attached to problems associated with pollution.