One disadvantage of the gold standard was that no nation had control of its domestic monetary policies
a. True
b. False
Indicate whether the statement is true or false
True
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Differences in stages of development among countries are reflected in a number of ways besides per capita income
a. True b. False
Equilibrium requires two conditions: (1) that income equals output in the economy, and (2) that in equilibrium, aggregate expenditure (or consumption in this example) equals output. Explain why both of these are assumed to be true.
What will be an ideal response?
What is market failure? How can the government correct market failure?
What will be an ideal response?
Economic growth can be portrayed as:
A. an outward shift of the production possibilities curve. B. an inward shift of the production possibilities curve. C. a movement from a point on to a point inside a production possibilities curve. D. a movement from one point to another point on a fixed production possibilities curve.