The United States was taken off the gold standard by
A) President Lyndon Johnson.
B) President Richard Nixon.
C) the Federal Reserve Chairman.
D) President Jimmy Carter.
B
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The above figure gives your budget line between CDs and magazines. What would allow you to buy more CDs?
A) a decrease in the relative price of CDs B) an increase in income C) a decrease in the price of magazines with no change in the price of CDs D) All of the above changes would allow you to buy more CDs.
Economists caution that conventional statistics used to estimate the extent of poverty in the United States fail to account for benefits people receive that, if considered, would reduce the amount of poverty
Which of the following is an example of these benefits? A) The federal minimum wage forces employers to pay workers with low skills an efficiency wage. B) Individuals with low incomes receive non-cash benefits such as free school lunches and food stamps. C) Individuals can use tax credits and the personal exemption to reduce their taxable incomes. This reduces what they owe the government and increases their disposable incomes. D) The federal income tax system is progressive. As a result, the poor have higher after-tax incomes than they would have if the income tax system was proportional or regressive.
The largest sector of a developing country is usually
a. agriculture b. manufacturing c. services d. infrastructure e. none of the above
The typical monopolistically competitive firm always earns an economic profit in the long run, regardless of whether or not it advertises
a. True b. False