More than any other country, the citizens of _______ consider American dollar a much better medium of exchange and standard of value than their own currency.

Fill in the blank(s) with the appropriate word(s).


Russia

Economics

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Why does the labor supply curve eventually bend backwards?

What will be an ideal response?

Economics

Under the gold standard of the Great Depression, any country experiencing a balance of payment deficit was expected to finance those deficits by exporting gold

The loss of gold should be followed by contractionary monetary policy, reducing demand and causing prices to fall. All countries operating under the gold standard followed these rules of the game throughout the Great Depression. Indicate whether the statement is true or false

Economics

Consumer surplus is

a. a concept that helps us make normative statements about the desirability of market outcomes. b. represented on a graph by the area below the demand curve and above the price. c. a good measure of economic welfare if buyers' preferences are the primary concern. d. all of the above are correct.

Economics

If a price taker attempts to raise its price by a small amount, the quantity that its customers will buy will

A. decrease to zero. B. increase. C. remain constant. D. decrease by a small amount.

Economics