Under a gold standard, if the market price of gold is above the official price of gold (set by the monetary authority) members of the public would likely buy gold _______________ and sell it __________________, causing the market price of gold to ____________________
A) from the monetary authority; in the gold market; fall
B) from the monetary authority; in the gold market; rise
C) in the gold market; to the monetary authority; fall
D) in the gold market; to the monetary authority; rise
A
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The annual percentage rate of change in the price level is the:
A. cost of living. B. inflation rate. C. relative price. D. Fisher effect.
Human capital is acquired
A) only in school. B) only through on-the-job training. C) only through job experience. D) through schooling, job training, and experience. E) only at birth, that is, it's people's inborn talents.
The host at a party offers Justin a sixth beer. Justin says, “No thanks, man. The marginal utility of that fifth beer was, like, 20 cents, but the marginal utility of the sixth would be minus 10 cents.” From his comments, we deduce that Justin
A. is an alcoholic. B. may think that a sixth beer would make him sick. C. is irrational. D. wrongly estimates the marginal utility of the fifth beer.
A shortage occurs when the quantity demanded exceeds the quantity supplied
a. True b. False Indicate whether the statement is true or false