The gold standard fixes the:
a. future price of gold in terms of silver.
b. price of gold in terms of international currencies.
c. future price of silver in terms of gold.
d. money supply in terms of paper currency.
e. past exchange rate and the future exchange rate.
b
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Which of the following methods of restricting trade does NOT harm the overall economy?
A) a voluntary export restraint B) a tariff C) a quota D) Both answers A and B are correct. E) None of the above answers is correct because all the methods harm the overall economy.
Refer to Table 9-7. Suppose that the data in the table above reflect price levels in the economy. What is the inflation rate between 2015 and 2016?
A) 2.9% B) 3.5% C) 4.6% D) 5% E) 7.5%
Oligopoly and monopolistic competition can be described as industries where firms
a. have high barriers to entry b. produce identical goods c. are located near each other d. produce close substitutes e. aspire to become perfect competitors
If a significant portion of firms in the economy does NOT immediately adjust product prices, then the short-run aggregate supply curve
A. slopes downward. B. is vertical. C. is horizontal. D. slopes upward.