The gold standard was essentially a global peg system with little volatility and a great deal of predictability and stability.
Answer the following statement true (T) or false (F)
True
The gold standard was essentially a global peg system with little volatility and a great deal of predictability and stability. Gold was used as the common denominator for all currencies, which means that all currencies were pegged at a fixed rate to gold. See 7-2: Evolution of the International Monetary SystemEvolution of the International Monetary System
You might also like to view...
Which of the following theories measures attitude toward the act of buying, rather than only the attitude toward the product itself?
A) The theory of cognitive dissonance B) The theory of reasoned action C) The balance theory D) The theory of trying
Many Hollywood movie stars were among the first to buy electric and hybrid vehicles. These stars often become ________, influencing other consumers' behavior.
A. evoked images B. internal loci of control C. cultural icons D. reference groups E. cognitive parameters
The Fed's monetary policy strategy can be described as follows:
A) The Fed uses its policy tools to adjust intermediate targets that directly impact its operating targets in a way that allows the Fed to achieve its goals. B) The Fed uses its policy tools to adjust operating targets that directly impact its intermediate targets in a way that allows the Fed to achieve its goals. C) The Fed uses its operating targets to adjust its intermediate targets that directly impact its policy tools in a way that allows the Fed to achieve its goals. D) None of the above.
Lakatos Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product contains the following information concerning direct materials:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.7kilos$9.00per kilo$33.30During the year, the company completed the following transactions concerning direct materials:a.Purchased 151,800 kilos of raw material at a price of $9.70 per kilo.b.Used 140,870 kilos of the raw material to produce 38,100 units of work in process.The company calculated the following direct materials
variances for the year:Materials price variance$106,260UMaterials quantity variance$900FAssume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)=Materials Price VarianceMaterials Quantity Variance1/1$1,130,000$59,940$0$81,510$432,900=$0$0a.?????=??b.?????=???Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,704,350a.?????b.?????When recording the raw materials purchases in transaction (a) above, the Cash account will increase (decrease) by: A. ($1,472,460) B. $1,366,200 C. ($1,366,200) D. $1,472,460