The opportunity cost of leisure is

An important problem with the gold standard was that

A) it was too complicated and restricted business activity. B) a country did not have control of its domestic monetary policy. C) exchange rates tended to fluctuate a great deal, making it difficult for businesses to make long-run plans. D) one country could easily manipulate the system to its advantage and the disadvantage of other countries.

Which of the following is likely to have the most price elastic demand?

a. milk b. sailboats c. good X in the short run compared to good X in the long run d. gasoline