In 1931, the first major country to abandon the gold standard — in order to increase its policy options in face of the Great Depression — was
A) Germany. B) France. C) Great Britain. D) the United States.
C
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Consider the following short-run production function: q = 5L2 - 1/3 L3. At what level of L do diminishing marginal returns begin? At what level of L do diminishing returns begin?
What will be an ideal response?
We can experience a shortage of any good or service if
A) the price of using it is too high. B) the price of using it is too low. C) people demand more than they need. D) if people need more than they demand.
Factors likely to cause a financial crisis in emerging market countries include
A) severe fiscal imbalances. B) decreases in foreign interest rates. C) a foreign exchange crisis. D) too strong oversight of the financial industry.
The Federal Trade Commission Act declares that all of the following are illegal except which one?
A) deceptive acts or practices in or affecting commerce B) mergers C) unfair acts or practices in or affecting commerce D) unfair methods of competition in or affecting commerce