The Bretton Woods conference in 1944 established the gold standard, which was abandoned in 1971
Indicate whether the statement is true or false
TRUE
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When a person lobbies Congress to grant the person the exclusive right to sell a particular good, such lobbying activity is called
A) rent seeking. B) revenue abatement. C) profit recovery. D) revenue seeking.
"If the marginal product of labor curve slopes downward, then the average product of labor curve necessarily must slope downward." Explain whether the previous statement is correct or incorrect?
What will be an ideal response?
A competitive firm rents capital until the marginal product of capital equals the:
A. real wage. B. real rental price of capital. C. price of output. D. capital/labour ratio.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.