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
You might also like to view...
Based on the table below and the principle of diminishing returns to capital, then total packages wrapped when a fourth machine is installed must be less than ________ packages.Number of (Identical) MachinesTotal Packages Wrapped15,00029,000312,000
A. 3,000 B. 12,000 C. 4,000 D. 15,000
A decrease in "financial frictions" is associated with ________
A) a decrease in the credit spread B) more efficient functioning of financial markets C) reduced real cost of borrowing for businesses D) an increase in planned investment spending E) all of the above
In contrast to other antipoverty programs, a negative income tax
a. provides incentives to work b. provides more assistance to children c. assists the unemployed d. provides direct in-kind transfers to the most needed e. recognizes the existence of a culture of poverty
If producers must receive a higher price to be induced to produce any quantity, we can conclude that
A. both supply and demand increased. B. demand decreased. C. demand increased. D. supply decreased.