A key objective of the gold standard was to
A) create a flexible exchange rate system between countries.
B) create a fixed exchange rate system between countries.
C) allow nations to maintain their gold reserves.
D) allow nations to tax its citizens in gold.
B
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Give three reasons why a demand curve slopes downward to the right.
What will be an ideal response?
If the current price level is lower than the equilibrium price level, then it must be true that total planned
A) government spending is less than total planned tax revenues. B) government spending exceeds total planned tax revenues. C) real expenditures are less than total planned production. D) real expenditures exceed total planned production.
An expansionary monetary policy is most likely to increase real output
a. when the economy is operating at less than full-employment capacity. b. when the economy is at full employment. c. when actual output is beyond the economy's long-run capacity. d. when the inflationary side effects are fully anticipated by decision makers.
Profit per unit is the difference between
A) average revenue and average total cost. B) marginal revenue and marginal cost. C) total revenue and total cost. D) average revenue and marginal cost.