The gold standard ended in the 1970s because the gold supplies failed to keep pace with the increase in money supplies required for industrialization and rapid economic growth witnessed in this era
a. True
b. False
Indicate whether the statement is true or false
False
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If the income elasticity of potatoes is -0.7, then the income effect caused by a price decrease of potatoes
A) tends to increase the consumption of potatoes. B) tends to decrease the consumption of potatoes. C) is less than the substitution effect. D) None of the above.
If there is an excess supply of Tunisian dinars at a given exchange rate, what will lead the market into an equilibrium?
a. Finding themselves unable to buy all the dinars they want to buy, buyers will accept a lower price. b. Finding themselves unable to buy all the dinars they want to buy, sellers will offer a lower price. c. Finding themselves unable to sell all the dinars they want to sell, sellers accept a higher price. d. Finding themselves unable to buy all the dinars they want to buy, buyers offer a higher price. e. Finding themselves unable to sell all the dinars they want to sell, sellers accept a lower price.
Professor Gordon posits that the best years of U.S. growth are behind us because of four "headwinds," which are:
a. lackluster growth and poverty b. demographids and education c. debt and inequality d. a and b only e. b and c only
Monopolistically competitive firms in long-run equilibrium produce at less than
A. the MR = MC output. B. minimum ATC. C. the optimal scale. D. All of the above are correct.