The years between 1896 and World War I were characterized by:
a. rapidly rising prices in the U.S.
b. wild fluctuations in international exchange rates.
c. the "heyday" of the gold standard in the U.S. and most industrialized countries.
d. barriers that prevented the flow of goods and capital across international borders.
e. All of the above.
c. the "heyday" of the gold standard in the U.S. and most industrialized countries.
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In the income-expenditure model, for each price level there is a different equilibrium output level. If we plot one such equilibrium output and price combination, we obtain
A) a point on the aggregate demand curve. B) the slope of the planned expenditures line. C) the slope of the entire aggregate demand curve. D) the aggregate demand curve.
If the representative basket of European goods and services costs 40 euros, the representative U.S. basket costs $50, and the dollar/euro exchange rate is $0.90 per euro, then the price of the European basket in terms of U.S. basket is
A) [(0.9 $/euro) (40 euro per a European basket)]/[(50 $/U.S. basket)]. B) [(0.9 $/euro) (50 $/U.S. basket)]/[(40 euro per a European basket)]. C) [(40 euro per a European basket)]/[(50 $/U.S. basket) (0.9 $/euro)]. D) [(50 $/U.S. basket)]. E) [(0.9 $/euro) (40 euro per a European basket) (50 $ U.S. basket)].
Resource owners will supply additional units of a resource as long as
a. doing so increases their costs b. doing so increases production c. the quantity of the resource demanded exceeds the resource price d. resource users demand the resource e. doing so increases their utility
Total cost minus total variable cost equals:
A. marginal cost. B. total fixed cost. C. average fixed cost. D. average variable cost.