In "closing the gold window" in 1971, President Nixon
a. did both d and e
b. did all of the following
c. refused to exchange gold for dollars
d. forced the dollar to appreciate
e. called in all gold circulating domestically
C
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The U.S. and the Canadian currencies are the only two in the world that are called "dollars."
Indicate whether the statement is true or false
The amount of good A given up for good B in trade is the
A. Exploitation of consumers. B. Comparative advantage. C. Terms of trade. D. Absolute advantage.
If Good X has social demand that is less than market demand, then Good X must be a
A. Good suffering from the free-rider problem. B. Good with an external benefit. C. Good with an external cost. D. Public good.
Anything of value one owns is called a(n):
A. investment. B. capital gain. C. asset. D. liability.