Economists typically date the beginning of the gold standard to the period:
a. before 1500.
b. before 1776.
c. between 1880 and 1914.
d. between the two world wars.
e. between 1970 and 2000.
c
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What is the substitution effect of a wage increase? What is the income effect of a wage increase? Explain under what conditions the labor supply curve will be upward sloping and when it will be downward sloping
What will be an ideal response?
Why is investment spending a highly volatile component?
The oligopoly price will be greater than marginal cost but less than the monopoly price when
a. the oligopolists collude by jointly choosing a quantity to produce and maintaining their agreement. b. the oligopolists collude by jointly choosing a price to charge and maintaining their agreement. c. each oligopolist individually chooses a quantity to produce to maximize profit. d. each oligopolist's objective is minimization of average total cost, rather than maximization of profit.
As production of a good increases, opportunity costs rise because:
A. there will be more inefficiency. B. people always prefer having more goods. C. of inflationary pressures. D. workers are not equally suited to all tasks.