Why did the United States abandon the gold standard in the 1930s?
A) The government wanted to move away from a floating exchange rate system to a fixed exchange rate system.
B) The Treasury Department in the United States found it was cheaper to print paper money instead of gold coins.
C) The government wanted to rapidly expand the money supply in response to the Great Depression.
D) New sources of gold were discovered, so the price of gold plummeted, dramatically reducing the value of the dollar.
C
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In a perfectly competitive market, the average revenue curve of a firm is
A) the same as its total revenue curve. B) the same as its demand curve. C) the same its economic profits. D) the difference between its total revenue curve and its marginal revenue curve.
If a price reduction leads to larger total revenue, demand is
a. perfectly inelastic b. inelastic c. unit elastic d. elastic e. perfectly elastic
Refer to the above figure. Which one of the following statements is TRUE with regard to the economy depicted in the graph?
A. The total amount of resources it takes to produce 20 bales of wool and 500 loaves of bread is more than the amount of resources needed to produce 50 bales of wool and 250 loaves of bread. B. The total amount of resources it takes to produce 20 bales of wool and 500 loaves of bread is the same as the amount of resources needed to produce 50 bales of wool and 250 loaves of bread. C. Point C cannot be produced. D. The best production point is 500 loaves of bread and 50 bales of wool.
Using the above table, the labor force participation rate is
A. 69.1 percent. B. 81.8 percent. C. 65.6 percent. D. 73.8 percent.