The gold standard prevented a nation from controlling its domestic economy through monetary policy.
Answer the following statement true (T) or false (F)
True
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When estimating a demand function for a good where quantity demanded is a linear function of the price, you should
A) not include an intercept because the price of the good is never zero. B) use a one-sided alternative hypothesis to check the influence of price on quantity. C) use a two-sided alternative hypothesis to check the influence of price on quantity. D) reject the idea that price determines demand unless the coefficient is at least 1.96.
Why are cotton and wheat substitutes in production?
a. The production of one enables the production of the other. b. They both can be produced using the same resources. c. They both can be used by consumers for the same purposes. d. The production of one negates the production of the other.
Refer to the information provided in Table 20.6 below to answer the question(s) that follow.
Table 20.6
Refer to Table 20.6. Trade will flow in both directions between countries only if the price of the euro is between
A. $.60 and $.75. B. $1.00 and $2.25. C. $.44 and $1.00. D. $.40 and $.50.
Which of these partly accounts for the long-term growth in production in the U.S. economy?
a. An increase in government spending b. An increase in the availability of resources c. A reduction in federal taxes d. A gradual but consistent increase in the price level e. A general optimism about the future and the pioneering spirit of America