The real bills doctrine was the guiding principle for the conduct of monetary policy during the
A) 1910s.
B) 1940s.
C) 1950s.
D) 1960s.
A
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If each of us relied exclusively on the market to determine what to buy, we would probably end up with few, if any:
a. streetlights. b. strawberries. c. CDs. d. raincoats. e. televisions.
An airline can increase its profit by offering standby customers an unsold seat at a substantial discount just before takeoff because
a. additional passengers are needed to balance the load. b. the marginal cost of additional passengers is very small. c. additional passengers add little to fixed costs. d. such passengers add more to profits than do those with reserved seats.
Which of the following describes the impact of unions on wages?
a. The high wages negotiated by the union drive up wages in the nonunion sector by extension. b. Collective bargaining has the effect of lowering wages in general to keep more people employed. c. By restricting membership, the union drives up union wages and drives down nonunion wages. d. The union has the collective power to enforce equilibrium wages for everyone.
Which of the following would be an example of a fixed cost?
A) the electric and gas bills B) wages paid to temporary workers C) property insurance premiums D) expenditures on imported raw materials