Under the Bretton Woods system established after WWII,
A. each countries currency was backed by gold
B. exchange rates between countries floated
C. exchange rates were fixed and only the dollar was convertible into gold
D. gold had no role
Answer: C. exchange rates were fixed and only the dollar was convertible into gold
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Assuming that the rent ceiling is strictly enforced so that there is no black market, which of the following statements about a housing market with a rent ceiling set below the equilibrium rent is correct?
A) The rent for housing equals the ceiling rent or higher. B) There is excess supply of housing. C) The rent ceiling increases the amount of producers' surplus. D) The rent ceiling creates a deadweight loss. E) The rent ceiling enforces efficiency upon the housing market.
A professional tennis player enters fewer tournaments each year as the prize money she won increased. This observation indicates that the tennis player
A) is irrational. B) has shifted her labor demand curve leftward. C) has shifted her labor supply curve rightward. D) has a backward bending labor supply curve.