Which is the most accurate statement?
A. The gold standard does not work in theory or practice.
B. The euro is the official currency in every European country.
C. There is virtually no difference between the gold standard and the gold exchange standard.
D. At one time an ounce of gold was worth $35.
D. At one time an ounce of gold was worth $35.
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When the Fed buys or sells government bonds to private banks in exchange for reserves, it is referred to as:
A) the Fed's dual mandate. B) open market operations. C) reserve targeting. D) moral suasion.
The Basel Capital Accord does NOT include
A) requiring bank owners to invest into and have some capital ownership in the banks they own. B) supervision of banks by an oversight board. C) information disclosure designed to encourage market discipline. D) denying access to foreign capital by a country that defaults on its international loans.
We know government failure as the notion that ________ becomes the tool of ________ and makes the allocation of resources even less efficient than before, and this is described in public choice theory.
A. the public; the government B. a natural monopoly; the government C. government; the rent seeker D. government; barriers to entry
Use the following graph for a private closed economy (an economy with only a private sector and no international trade) to answer the next question.
The equilibrium level of real GDP in this economy is
A. $250 billion. B. $350 billion. C. $450 billion. D. $150 billion.