Rolnick and Weber point out that a bimetallic standard will not exhibit Gresham's Law if:
a. people are willing to use coins at their market values.
b. people are willing to use coins at their face values.
c. the government regulates the quantity of each type of coin in circulation.
d. paper money circulates along with minted coins.
a. people are willing to use coins at their market values.
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If world markets change so that the U.S. dollar is no longer the primary reserve currency, the exchange rate value of the dollar would rise
Indicate whether the statement is true or false
Suppose that real GDP grows at 3 percent per year. What is the growth rate of real GDP per person if the population grows at:
a. 2 percent? What happens to the standard of living? b. 3 percent? What happens to the standard of living? c. 4 percent? What happens to the standard of living?
If the government wants to raise tax revenue and shift most of the tax burden to the sellers, it would impose a tax on a good with a:
a. steep (inelastic) demand curve and steep (inelastic) demand curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. flat (elastic) demand curve and a steep (inelastic) supply curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.
When a nation begins to export a good,
a. the domestic price of that good falls b. less of that good is produced domestically c. the domestic producers are made better off d. the domestic consumers are made better off e. both domestic and foreign consumers will purchase more of it