Under a gold standard in which France defined 1 franc to be worth 1/50th of an ounce of gold, and the U.S. defined $1 to be worth 1/10th of an ounce of gold, then 1 U.S. dollar would exchange for __________ francs.
Fill in the blank(s) with the appropriate word(s).
Answer: 5
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The quantity theory of money asserts that inflation is the result of growth in
A) the quantity of money. B) potential GDP. C) the natural rate of unemployment. D) money wage rates.
If the interest rate received in Mexico is greater than that obtained in the United States,
A) the demand for loans will increase in Mexico. B) the supply of loans will decrease in the United States. C) the supply of loans will decrease in Mexico. D) the demand for loans will decrease in the United States.
When people make a decision to not participate in a program unless they actively enroll for it, program participation is:
A. likely to be higher than if people were automatically enrolled and had to actively opt-out of participating. B. likely to be lower than if people were automatically enrolled and had to actively opt-out of participating. C. likely to be the same as if people were automatically enrolled and had to actively opt-out of participating. D. exclusive, which always makes it more attractive to people.
A U-shaped long-run average cost curve indicates that
A) economies of scale follow diseconomies of scale. B) diseconomies of scale follow economies of scale C) economies of scale and economies of scope are the same. D) economies of scale dominate diseconomies of scale over all levels of production.