Currency circulated by banks that could be redeemed for gold was called
A) junk bonds.
B) banknotes.
C) gold bills.
D) state money.
B
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Suppose the population is 300 million people, the labor force is 200 million people, the number of people employed is 185 million, and the working-age population is 170 million people. What is the unemployment rate?
A) 8.8 percent B) 5 percent C) 20 percent D) 7.5 percent E) 92.5 percent
Which of the following is true?
A) Real GDP fluctuates around potential GDP. B) Potential GDP fluctuates around real GDP. C) Nominal GDP fluctuates around real GDP. D) Real GDP fluctuates around nominal GDP. E) When real GDP equals potential GDP, both equal nominal GDP.
Which of the following must be true?
a. Savings must equal investment in an open economy. b. Savings must equal investment in a closed economy. c. Savings must equal consumption in an open economy. d. Savings must equal consumption in a closed economy.
If the elasticity of supply of a good is equal to 0.62, then we can say that the supply curve for the good is: a. elastic
b. inelastic. c. perfectly elastic. d. perfectly inelastic.