The gold standard
A. worked well until World War II.
B. will not work well when the world's gold supply increases as fast as the world's need for money.
C. fell apart as the Great Depression spread, as nation after nation devalued its currency.
D. makes monetary policy more effective.
C. fell apart as the Great Depression spread, as nation after nation devalued its currency.
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Which of the following does not determine the position and shape of a society’s production possibilities frontier?
A. Physical resources B. Price level C. Skills and technology D. Past investment in factories and in research
In developing countries, economists have found ________ correlation between a person's height and the wages he can earn in the farming sector.
A. a weak B. a strong C. an inverse D. no
In a market for emission permits, firms that emit over their allowed limits
A. receive a subsidy for the amount of emissions. B. are taxed by the government for the amount of emissions. C. pay a price of these emissions. D. are forced to shut down.
Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential