Under the gold standard, gold discoveries in Alaska and South America led to
a. both c and d
b. a decrease in the domestic money supply
c. inflation
d. an increase in the domestic money supply
e. deflation
A
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Which of the following is a reason for long-run potential growth of real GDP?
A) yearly growth of the labor force B) growth of the stock of physical capital over time C) improvements in technology over time D) all of the above
________ involves undertaking an activity until its marginal benefits equal marginal costs
A) Market intervention B) Scarcity reduction C) Central planning D) Marginal analysis
Product differentiation refers to:
A. the process of creating a standardized product with a lower-cost method than the competitors' method. B. firms who offer similar products to their competitors' products, but that are more attractive in some way. C. consumers who sort and group goods based on similar characteristics. D. the process of informing the public of differences in products as a result of error.
Suppose that for a given good demand increases and supply decreases at the same time. If demand increases by a lesser amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________ for that good
A) rises; falls B) falls; falls C) rises; rises D) falls; rises