The Bretton Woods system
a. fixed exchange rates in terms of U.S. dollars.
b. fixed exchange rates in terms of all major currencies.
c. fixed exchange rates in terms of gold.
d. established a system of flexible exchange rates.
a. fixed exchange rates in terms of U.S. dollars.
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A Japanese businessman opened an automobile showroom in Singapore this year. His income will lead to a(n) ________
A) increase in the GDP of Singapore B) decrease in the GDP of Singapore C) increase in the GDP of Japan D) decrease in the GDP of Japan
Poorly defined property rights imply that _____
a. people can play their music as loud as they would like b. profit opportunities exist for entrepreneurs c. a Pareto optimum is still easily achieved d. people may be able to use resources without paying for them