President Nixon "closed the gold window"
a. as a political expediency
b. to force the allies to devalue their currencies
c. to try to save the Bretton Woods exchange rate system
d. to halt dramatic inflows of gold into the United States
e. to cure the U.S. domestic deflationary spiral
C
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Suppose a 10% increase in the price of aspirin leads to a 5% decrease in the quantity demanded of aspirin. The demand for aspirin, therefore, is
A. unit elastic. B. perfectly inelastic C. inelastic. D. elastic.
If an asymmetry of information is removed and laborers' preferences change against employment in a labor market, it would __________ employment and __________ the wage at the equilibrium in the market.
A. increase; raise B. increase; lower C. decrease; raise D. decrease; lower
When the government is heavily involved in the regulation of business activity, entrepreneurs will be encourage to spend more time and resources on
a. research and the development of better products. b. keeping their production costs low. c. rent seeking. d. productive activities and less on political lobbying.
The first major piece of antitrust legislation was the
a. Clayton Act. b. Obama Care Act. c. Sherman Act. d. Clinton Act.