In the 1970s when US President Richard M. Nixon ended the gold standard,
a) barter became the predominant method of transacting business
b) silver took the place of gold
c) hyperinflation occurred
d) he created a pure fiat money
e) a run on banks ensued
d) he created a pure fiat money
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If the marginal tax rate rises above t * = 63%, tax revenue will decrease because
A) workers refuse to pay taxes since the tax rate is too high. B) workers are in the downward-sloping portion of labor supply. C) workers reduce working hours in response to the wage loss. D) None of the above.
If income were distributed solely according to marginal productivity,
a. every family would be above the poverty level b. it would be distributed evenly c. it would be distributed normally d. workers in capital-intensive industries would earn less than workers in labor-intensive industries e. some individuals would not receive any income
A production possibilities frontier is a straight line when
a. the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good. b. an economy is interdependent and engaged in trade instead of self-sufficient. c. the rate of tradeoff between the two goods being produced is constant. d. the rate of tradeoff between the two goods being produced depends on how much of each good is being produced.
The supply of loanable funds would shift to the right if either
a. tax reforms encouraged greater saving or the budget deficit became smaller. b. tax reforms encouraged greater saving or investment tax credits were increased. c. the budget deficit became larger or investment tax credits were increased. d. the budget deficit became larger or tax reforms discouraged saving.