Under the initial Bretton Woods system,
a. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate determined by supply and demand
b. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate of $35 per ounce
c. foreign currencies could be converted into gold at a rate determined by supply and demand
d. foreign currencies could be converted into gold at a rate of $35 per ounce
e. gold was the international medium of exchange
B
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What will be an ideal response?
If the interest rate on borrowing falls,
a. the demand curve for loans will shift out. b. the discounted value now of money to be received in the future will fall. c. some previously unprofitable prospective investments will become profitable. d. All of the above are correct.
Horizontal equity is a difficult concept to implement because
A. it is difficult to determine how unequally unequals should be treated. B. it is difficult to measure ability to pay. C. it is difficult to determine which people are equally situated. D. people object to the use of absolute tax liability instead of percentage of income.
The law of increasing opportunity costs states that as production of a particular good ____________, the opportunity cost of producing an additional unit ______________.
a. falls; rises b. rises; rises c. falls; remains constant d. rises; falls