What is a currency band?
a. a limit below which the currency is not allowed to fall
b. a limit above which the currency is not allowed to rise
c. a fixed rate regime with some small variation allowed, up or down
d. a very rigid control of the currency-no variation allowed
Ans: c. a fixed rate regime with some small variation allowed, up or down
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Which of the following could help explain why professional football players have high salaries?
a. There is little social status attached to the occupation. b. Their marginal revenue products are typically very low. c. They face a high chance of having their careers cut short. d. Many college football players want to become professional football players. e. The labor market is perfectly competitive due to the players' union.