Under the gold standard,
a. each nation had discretion over its monetary policy.
b. trade-deficit nations had less control over their money supply than trade-surplus nations.
c. trade-surplus nations had less control over their money supply than trade-deficit nations.
d. no nation had control over its domestic monetary policy.
d
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An average cost pricing rule for a natural monopoly sets the price ________ the marginal cost, thereby ________ a deadweight loss
A) below; avoiding B) below; creating C) above; avoiding D) above; creating
The U.S. dollar bill
a. is fiat money b. cannot be used as a medium of exchange c. is backed by gold d. cannot be used as a store of value e. cannot be used as a payment for debts
Which of the following ideas are NOT demonstrated by the PPF?
a. Efficiency b. Scarcity c. Opportunity cost d. Diminishing returns to scale
The average total cost of production
A) is the extra cost required to produce one more unit. B) equals the explicit cost of production. C) equals total cost of production divided by the level of output. D) equals total cost of production multiplied by the level of output.