Under a gold standard in which one dollar could be turned in to the U.S
Treasury and exchanged for 1/20th of an ounce of gold and one German mark could be exchanged for 1/100th of an ounce of gold, an exchange rate of ________ marks to the dollar would stimulate a flow of gold from the United States to Germany. A) 7
B) 6
C) 5
D) 4
D
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During the first 6 months of 2008, the United States imported from Africa, Asia, and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this, we know definitively that
A) Africa, Asia, and Latin America have comparative advantage in coffee production. B) the United States has absolute advantage in coffee production. C) Africa, Asia, and Latin America have absolute advantage in coffee production. D) the United States has comparative advantage in coffee production.
What does diminishing marginal utility imply about the shape of a person's demand curve? Explain
What will be an ideal response?
An example of a public good or service provided by the federal government is
A) garbage collection. B) regulating gasoline prices. C) space exploration. D) determining the number of doctors admitted to medical school. E) setting each state government?s budget.
The curve that represents all possible combinations of goods that can be produced is called
A) the production possibilities curve. B) the resource allocation curve. C) the efficiency curve. D) the supply curve.