Adhering to a strict gold standard necessarily means that
A. each nation can vary its money supply in response to domestic economic conditions.
B. no country will experience inflation.
C. no country will have control over its monetary policy.
D. no country will experience deflation.
Answer: C
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Which best expresses the law of diminishing marginal utility?
A. The more a product is consumed, the greater the total utility received from the product. B. The less a product is consumed, the smaller the marginal utility received from the product. C. The more a product is consumed, the smaller the total utility received from the product. D. The more a product is consumed, the smaller the marginal utility received from the product.
When single-input producer choice sets are non-convex, the first order condition of the profit maximization problem is neither necessary nor sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
How does a voting structure that relies on unanimity for an action guarantee that no one will be adversely affected? Why isn't this type of decision making used more frequently?
Other things constant, the quantity of money demanded varies directly with the market interest rate
Indicate whether the statement is true or false