What is the gold standard?
(A) A system that uses actual gold coins as a country's money.
(B) A system in which a country's money is backed with gold.
(C) A money system in which the paper currency is good in more than one country.
(D) A currency system in which each dollar is worth 1/20 of an ounce of gold.
Ans: (D) A currency system in which each dollar is worth 1/20 of an ounce of gold.
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Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the unemployment rate is approximately
A) 4.2 percent. B) 6.1 percent. C) 7.5 percent. D) 8.0 percent.
Suppose that you know a good is a normal good for a consumer. Which of the following can you then conclude to be true:
A. The own-price elasticity of demand is less than -1. B. The income elasticity of demand is greater than 0. C. The own-price elasticity of demand is greater than -1. D. The income elasticity of demand is less than 0. E. Both (a) and (b). F. Both (a) and (d). G. Both (b) and (c). H. None of the above.
Higher education provided by government is an example of a
a. public good b. merit good c. social good d. collective good e. private good
In 2011, what percentage of U.S. families had income levels below $75,000?
a. 20 percent b. 40 percent c. 60 percent d. 80 percent