The Mint Act of 1792 failed to provide for a stable domestic hard currency for the U.S. because
(a) the supply of gold and silver was inadequate.
(b) the federal government failed to make the coins legal tender.
(c) gold was undervalued, while silver was exported.
(d) the notes of the U.S. government were not accepted by the population because of their
low value, while the government had no gold to offer.
(c)
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Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515The opportunity cost of moving one miner from Mother Lode to another mine is:
A. 4 tons per day. B. 1 ton per day. C. 2 tons per day. D. 3 tons per day.
A local government currently has a tax base of $10 billion and a tax rate of 10 percent. If the tax rate is increased to 12 percent, the tax base becomes $8.5 billion. If the goal is to maximize tax revenues the tax rate should be
A) raised above 12 percent. B) kept at 10 percent. C) raised to 12 percent. D) abolished.
According to real business cycle theorists, new technology raises real productivity, which allows for lower costs and prices
Indicate whether the statement is true or false
In an industry with free entry and exit, positive economic profit:
A. can never occur. B. cannot be sustained indefinitely. C. can be sustained indefinitely. D. indicates a market failure.