The Smithsonian Agreement of 1971 was hailed by President Nixon as a fundamental reorganization of the international monetary system. In fact, what it accomplished was
A) the revaluation of the dollar.
B) the devaluation of the dollar.
C) an increase of the gold content of the dollar.
D) the elimination of gold backing for the dollar.
B
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The Fed fights inflation by _______
A. lowering the federal funds rate, which lowers interest rates and de-creases aggregate demand B. raising the federal funds rate, which raises interest rates and decreases aggregate demand C. decreasing the monetary base, which raises the interest rate and in-creases saving D. lowering the long-term real interest rate, which increases investment and spurs economic growth
Net exports are positively related to income in the rest of the world
Indicate whether the statement is true or false
If M = 200, P = 100, and Q = 10, then V is:
a. 20. b. 2. c. 10. d. 5. e. 2,000.
Monopolies will tend to overproduce goods and charge a higher price than the competitive price.
Answer the following statement true (T) or false (F)