When the United States was under the gold standard,
a. the amount of currency depended on the size of the monetary gold stock.
b. the central bank would buy or sell gold from anybody at the established price.
c. the value of the dollar floated against gold.
d. the amount of currency depended on the size of the monetary gold stock AND the central bank would buy or sell gold from anybody at the established price.
d. the amount of currency depended on the size of the monetary gold stock AND the central bank would buy or sell gold from anybody at the established price.
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The takings clause indicates that private property can be seized only if the property in question is being taken for public use. Does "public use" mean using seized property only for pure public goods and services? Explain your answer
What will be an ideal response?
Because special interest groups tend to favor transfer policies rather than economic growth policies, many economists believe that these special interest groups help to improve economic efficiency.
Answer the following statement true (T) or false (F)
When output is held constant, inflation does which of the following?
(a) Increases real GDP (b) Increases real income (c) Increases government spending (d) Reduces the purchasing power of individuals living on fixed incomes.
Absolute advantage is the ability of a country to produce a good with ________ than another country
a. a lower opportunity cost b. a higher opportunity cost c. fewer resources d. more resources