What is/are the advantage(s) of the gold standard?
(a) The government can print money as required by cyclical fluctuations in domestic markets.
(b) Floating exchange rates.
(c) It requires monetary discipline.
(d) All of the above.
(c)
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Lizzie's budget line is shown in the figure above. The relative price of a magazine is ________ per magazine
A) 2 cookies B) 0.5 of a cookie C) $1 D) $2
Barriers to free trade impair efficiency in the international allocation of resources.
Indicate whether the statement is true or false.
The CPI equals 1.00 in year one and 1.05 in year two. If the nominal wage is $15 in year one and a contract calls for the wage to be indexed to the CPI, what will be the nominal wage in year two?
A. $15.00 B. $15.75 C. $14.29 D. $16.05
Restricting imports
A) can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. B) can protect United States final goods and services in the protected industry and makes consumers better off. C) can protect United States final goods and services in the protected industry and increase economic welfare of the country as a whole. D) can protect United States jobs in the protected industry but will also lead to reductions in U.S. output and income.