The U.S. government suspended the convertibility of the dollar into gold in
A. the 1930s.
B. the 1950s.
C. 1991, when the first Gulf War broke out.
D. the 1970s.
Answer: D
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Interest rates in the economy have risen. How will this affect aggregate demand and equilibrium in the short run?
A) Aggregate demand will rise, the equilibrium price level will fall, and the equilibrium level of GDP will rise. B) Aggregate demand will rise, the equilibrium price level will rise, and the equilibrium level of GDP will rise. C) Aggregate demand will fall, the equilibrium price level will fall, and the equilibrium level of GDP will fall. D) Aggregate demand will fall, the equilibrium price level will rise, and the equilibrium level of GDP will fall.
Monetarism is a school of thought put forth by Milton Friedman. He argued that the economy would most likely
A) be unstable. B) be at potential GDP. C) be above potential GDP. D) be below potential GDP.
According to the book, the most important strategy to a firm is its
A) pricing strategy. B) new product strategy. C) cost control procedures. D) all of these choices were reported to be equally important.
It is difficult to explain how firms behave in an oligopoly because
a. they produce differentiated products b. there are many suppliers and few buyers c. they do not attempt to maximize profits d. each takes into account the behavior of other firms when making pricing decisions e. there are no barriers to entry or exit