During the antebellum period, most international payments were made by
(a) shipping specie.
(b) bills of exchange.
(c) credit extended by private banks in the U.S.
(d) all of the above.
(b)
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If GDP calculations included measurements of pollution and environmental damage, GDP values would most likely be
A) unchanged from their values without these measurements. B) meaningless, since GDP values without these measurements would no longer be of value. C) greater than their values without these measurements. D) less than their values without these measurements.
All of the following help make the Fed independent of the political process EXCEPT
A) financial independence. B) chair of Fed receives a lifetime appointment. C) Board members receive a long, nonrenewable appointment. D) Board members' terms expire at different times, reducing the possible number of appointees by any one president.
Consumer surplus is the difference between the worth of a commodity to the consumer and the price the consumer pays for the commodity
a. True b. False Indicate whether the statement is true or false
Under the Bretton Woods system established after WWII,
A. each countries currency was backed by gold B. exchange rates between countries floated C. exchange rates were fixed and only the dollar was convertible into gold D. gold had no role