The U.S. government suspended the convertibility of the dollar into gold in
A) the 1930s.
B) the 1950s.
C) the 1970s.
D) 1991, when the first Gulf War broke out.
Answer: C
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The market system provides a way
A. to allow specialization and exchange to work in tandem. B. to improve the well-being of mankind. C. to harness self-interest. D. to allocate goods and services. E. All of the responses are correct.
If the marginal cost of an activity exceeds the marginal benefit, then
A) the activity will occur because the high marginal cost means it must be highly valued. B) the forgone alternatives' costs must be increased. C) an alternative action will be selected. D) the person must concentrate on the activity's total benefits.
A firm increased its production and sales because the firm's manager rearranged the layout of his factory floor. This is an example of
A) positive technological change. B) inspired management. C) investment in human capital. D) economies of scale.
The U.S. government need never default on its debt because
a. it can easily nationalize banks, who own all the debt, and then owe it to itself. b. it can raise the funds it needs to repay by taxation, and it can print money to repay. c. it owes the debt to itself, and it can always ignore a demand for repayment. d. it can simply reduce spending enough to generate funds to repay its debt.