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) the reduction of the gold content of the dollar.
D) the elimination of gold backing for the dollar.
E) Both B and C.
E
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In a market system, the major coordination tasks are carried out
A. with the approval of central planners. B. as part of the regular appropriation process of Congress. C. irregularly by the major corporations. D. automatically by the market mechanism.
In an increasing-cost industry the long-run supply curve is upward sloping
Indicate whether the statement is true or false
Which of the following is a liability to a bank?
A) total reserves B) transaction deposits C) government securities D) loans
Figure 36-7
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In Figure 36-7, there are three aggregate expenditure functions (C + I + G + X? IM) for an open economy. Which of the following would cause a movement from A to B?
A. a European economic expansion B. A decrease in the money supply C. An increase in the interest rate D. An increase in the U.S. price level