If the U.S. Treasury in 1865 had decided to make the dollar convertible into gold at the pre-War rate,
a. relatively cheap British goods would have been highly desired by American consumers.
b. the U.S. treasury would have quickly found its stock of gold depleted.
c. British citizens would have converted large amounts of pounds into dollars.
d. All of the above are correct.
e. Only a and b are correct.
e. Only a and b are correct.
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Social Security expenditures in the U.S. for 2006 made up approximately what percent of GDP?
a. 5 percent b. 12 percent c. 50 percent d. 75 percent e. 1 percent
Exchange rates are affected by changes in:
A. The supply of a currency only. B. The demand for a currency only. C. Both the demand for and supply of a currency. D. The export of goods only.
Despite the fact that most votes have virtually no impact on the outcome of a vote, and knowing people incur opportunity costs to vote, we recognize that people vote for all of the following reasons except they:
A. get utility from participating in a civic event. B. altruistically decide to contribute to the democratic process by voting. C. feel pressure to fulfill their civic duty. D. are obligated legally to do so.
The crowding-out effect is likely to be the strongest during periods of
A. recession. B. large budget surpluses. C. high employment. D. expanding money supply.