Based on the U.S. historical experience with the gold standard, we can conclude that
A) the gold standard guarantees price stability but not economic stability.
B) the standard guarantees economic stability but not price stability.
C) the gold standard guarantees both economic and price stability.
D) the gold standard guarantees neither economic nor price stability.
D
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If a country is importing more than they are exporting, the current account will have a ________ balance and the capital and financial account will have a ________ balance
A) negative; positive B) negative; negative C) positive; negative D) positive; positive
Jordan and Jennifer are musicians in New Orleans. Ezra is a musician thinking about moving to New Orleans. Which of the following statements is correct?
a. The wage needed to keep Jordan and Jennifer in the New Orleans music industry in the long run will be lower than the wage needed to keep them in the industry in the short run. b. The costs of entering the New Orleans music industry are sunk costs for Jordan, Jennifer, and Ezra. c. The costs of entering the New Orleans music industry are sunk costs for Ezra but not for Jordan and Jennifer. d. The wage needed to induce Ezra to enter the New Orleans music industry will be lower than the wage needed to keep him in the industry after he enters. e. The costs of entering the music industry in New Orleans are sunk costs for Jordan and Jennifer, but not for Ezra.
In a competitive market, a firm's supply curve dictates the amount it will supply. In a monopoly market the
a. same is true. b. supply curve conceptually makes sense, but in practice is never used. c. supply curve will have limited predictive capacity. d. decision about how much to supply is impossible to separate from the demand curve it faces.
An increase in a nation's population results in
A) an upward shift in the production function. B) a movement along the production function. C) a leftward shift in the labor supply curve. D) Both answers A and C are correct.