In the United States, the dollar was commodity backed by:
A. gold.
B. silver.
C. oil.
D. diamonds.
A. gold.
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Answer the next question based on the data provided in the tables below regarding the production possibilities for rice and corn for two hypothetical nations, Wat and Xat. Wat's Production Possibilities ABCDEFRice7506004503001500Corn050100150200250Xat's Production Possibilities ABCDEFRice2,5002,0001,5001,0005000Corn0100200300400500The mutually beneficial terms of trade will be
A. between 3 and 5 units of rice for 1 unit of corn. B. greater than 6 units of rice for 1 unit of corn. C. between 3 and 5 units of corn for 1 unit of rice. D. less than 2 units of rice for 1 unit of corn.
To avoid wage compression,
A) employees probably need to change companies. B) employees need to speak to their supervisors. C) employees need to sign a deferred compensation contract. D) managers need to pay above the minimum wage.
Suppose the demand for hamburgers increases. In the short run, firms that produce hamburgers will experience a rise in prices, which will induce them to:
A. decrease production and decrease the number of workers. B. increase production and increase the number of workers. C. decrease production and increase the number of workers. D. increase production and decrease the number of workers.
Which of the following statements is a normative as opposed to a positive economic statement?
A) Consumer spending helps to create jobs. B) If the price of gasoline goes up, people buy less gasoline. C) Labor unions should be allowed to organize in every industry. D) Government intervention in markets is common in many countries.