The current international monetary system is based on a gold standard.
Answer the following statement true (T) or false (F)
False
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Sudden and extensive changes in property rights make social cooperation less effective by
A) encouraging excessively conservative attitudes. B) inducing people to save for the future rather than spending now. C) making planning more difficult. D) reducing the power of government to manage the economy.
A person has a comparative advantage in producing a particular good if that person
A) has higher productivity in producing it than anyone else has. B) can produce it at lower opportunity cost than anyone else can. C) has less desire to consume that good than anyone else has. D) has more human capital related to that good than anyone else has.
Refer to Figure 4-6. What is the value of the deadweight loss after the imposition of the price floor?
A) $600 B) $1,800 C) $2,700 D) $3,300
The largest part of gross domestic product in the United States is
a. investment. b. consumption. c. government expenditure. d. trade balance.