During which period in history were the largest number of nations using the gold standard as their payments system?
A) from 1870 to 1913
B) from the end of WWI to 1929
C) from 1929 to 1939
D) from 1945 to 1975
Ans: B) from the end of WWI to 1929
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Suppose that when a perfectly competitive firm produces 1,000 units of output, its total variable cost is $1,900. If the marginal cost of producing the 1,000th unit is $1.70, and if the market price of each unit of output is $1.70, then the firm should:
A. shut down. B. increase output. C. raise its price. D. continue to produce 1000 units.
The demand curve for a perfectly competitive firm is ________, while the demand curve for a monopolist is ________.
A. perfectly inelastic; perfectly elastic B. perfectly elastic; downward-sloping C. vertical; downward-sloping D. perfectly elastic; perfectly inelastic
An increasing federal budget deficit will ________ the federal government debt as this will ________ the total value of U.S. Treasury bonds outstanding
A) increase; increase B) increase; decrease C) not impact; not change D) not impact; be offset by
Critical care surgeons get paid higher salaries than family doctors because
a. they usually work under highly stressful conditions b. they usually have to get longer training c. they usually work uncertain hours d. all of the above