Under the Bretton Woods agreements,
a. the IMF was created to punish countries that did not maintain fixed exchange rates.
b. a system of fixed exchange rates based on gold was established.
c. each country agreed to buy and sell its currency to maintain a fixed exchange rate.
d. All of the above are correct.
c
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When there is an inflationary gap, (actual) Real GDP is __________ Natural Real GDP, and the (actual) unemployment rate is __________ the natural unemployment rate
A) greater than; less than B) greater than; greater than C) less than; greater than D) less than; less than E) less than; equal to
In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.