The reason for calling the current exchange rate system a "managed float" is
a. it is managed by the IMF
b. it is basically a misnomer because it is impossible to "manage" exchange rates
c. it recognizes that there will be some intervention by central banks
d. only the forces of supply and demand determine the exchange rates
e. Congress passed a law declaring that the exchange rate system be legally termed "managed float"
C
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The productivity curve is a relationship between ________ and ________
A) real GDP per hour of labor; capital per hour of labor B) real GDP per hour of labor; capital C) capital per hour of labor; labor per hour of capital D) real GDP; hours of labor E) real GDP; capital
In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost, the firm is
A) making an economic profit. B) incurring an economic loss. C) making zero economic profit. D) definitely not maximizing its profit. E) None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm's profit or loss.