Under a gold standard, if the market price of gold is above the official price of gold (set by the monetary authority), people will be more likely to sell gold __________________, which will cause the money supply to _______________ and the price level.to _______________

If a professional association restricts membership and firms cannot employ nonassociation workers, the equilibrium wage will increase

a. True b. False

Which of the following is correct?

A. Economic development is more quantitative than economic growth. B. A country cannot achieve economic growth with a limited base of natural resources. C. Infrastructure is capital provided by the private sector. D. Economic development in LDCs is low because of many of them lack saving, infrastructure, and a political environment favorable to growth.