A gold standard is:
a. a measurement of the importance of a good; it indicates high quality
b. the basis for monetary exchange internationally.
c. an internationally recognized means for defining currency exchange rates.
d. a system where currency (e.g., the dollar) was defined as equivalent in value to a certain amount of gold.
d
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If private property rights were established in the air, there would probably be
A. more air pollution. B. less air pollution. C. the same amount of air pollution that exists without private property rights in the air. D. better weather.
Over the past 50 years, the amount given in aid has __________ in dollar terms, ___________ in terms of aid as a share of GDP.
A. increased; but has steadily fallen B. increased; as well as increased C. decreased; but has increased D. decreased; and has steadily fallen
An oligopolist who sets the price for the industry is a price leader.
Answer the following statement true (T) or false (F)
The price of good X is $5 and the price of good Y is $15. If the marginal utility of good X is 20 then the marginal utility of good Y must be ________ to have an optimum combination of goods purchased
A) 4 B) 20 C) 60 D) 80