With a pure gold standard
A) a nation may not pursue an independent monetary policy.
B) an inflow of gold will reduce the money supply of a country.
C) there will be a tendency for reducing world trade.
D) a balance of payments deficit or surplus does not occur.
Answer: A
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Which of the following constitutes wealth?
A) A baseball card collection B) A 2014 Ford Focus C) An Italian-made cello D) Money deposited in a savings account E) All of the above, as long as people value all of the goods listed above
Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cake in terms of cookies is
A) 1/2 pound of cookies per cake. B) 2 pounds of cookies per cake. C) 1/2 slice of cake per cookie. D) 2 slices of cake per cookie.
Over the past two decades, total and per capita water use in the United States have:
A. both increased. B. leveled off and fallen, respectively. C. fallen and leveled off, respectively. D. increased and fallen, respectively.
Compared to a sampling of other developed nations, the U.S. income distribution is more unequal than many others. What accounts for this?
A. Other nations manipulate their data to look better. B. The lowest-income families in the United States earn much less than the lowest-income households in other nations. C. The highest-income families in the United States earn much more than the highest-income households in other nations. D. Marginal income tax rates are much higher in the United States than in any other nation.