Between 1890 and 1914, the gold stock of the world _______________ and world prices (in general)
A) doubled; increased.
B) tripled; increased.
C) rose by 50%; increased.
D) doubled; decreased.
E) tripled; decreased.
A
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Which of the following resources are nonrenewable?
a. hay b. lumber c. labor d. fish e. minerals
If $1.00 U.S. was equivalent to $1.40 Canadian in 2006 and $1.00 Canadian in 2010, it implies that the:
a. U.S. dollar appreciated against the Canadian dollar in 2010. b. Canadian dollar weakened against the U.S. dollar in 2010. c. U.S. dollar strengthened against the Canadian dollar in 2010. d. Canadian dollar appreciated against the U.S. dollar in 2010.
If a firm knows that the demand for its product is inelastic, it could generate more revenue by:
A. lowering the price, because the resulting change in sales would be relatively large. B. raising the price, because the resulting change in sales would be relatively large. C. lowering the price, because the resulting change in sales would be relatively small. D. raising the price, because the resulting change in sales would be relatively small.
Suppose a consumer with an income of $100 is faced with Px = 1 and Py = 1/2. What is the market rate of substitution between good X (horizontal axis) and good Y (vertical axis)?
A. -1.0 B. -2.0 C. -4.0 D. 0.50