One problem associated with the gold standard was that
A. there was no fluctuation in exchange rates.
B. nations gave up control of their money supply.
C. nations could not determine their current account balances.
D. there was an incentive for individuals to hold gold at all interest rates.
Answer: B
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Which of the following statements is FALSE?
A) A good with a vertical demand curve has a perfectly inelastic demand. B) A good with a straight line, downward sloping demand curve has a demand whose elasticity is constant. C) A good with a horizontal demand curve has a perfectly elastic demand. D) All of the above statements are false.
Assume that Ford Motor Company engineers achieve a revolutionary technological breakthrough in the production process of automobiles. Which of the following is expected to take place?
a. A movement up along the existing supply curve for Ford automobiles b. The supply of Ford automobiles will remain unchanged c. An inward shift of the supply curve for Ford automobiles d. A downward movement along an existing supply curve for Ford automobiles e. An outward shift of the supply curve for Ford automobiles
Non-liquid assets could perform which of the following functions?
A. Trade without bartering B. Medium of exchange C. Cash for transactions D. Store of value
Which of the following is an exhaustive governmental outlay?
A. A federal $5,000 subsidy check to an Illinois farmer. B. A Temporary Assistance to Needy Families payment made by the state of New York. C. A NASA payment to Boeing Corporation for space hardware. D. A federal old age insurance payment to a retired coal miner.