_____ is an important determinant of its standard of living in the long run
a. A nation's net exports
b. The productivity of a nation's resources
c. A nation's population growth rate
d. The deficit in a nation's capital account
e. The deficit in a nation's current account
b
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Beginning in the early 1970s, many nations abandoned their dollar standard and moved toward a system of:
A) fixed exchange rates based on gold. B) fixed exchange rates based on the Deutsche Mark. C) floating exchange rates. D) real money systems in which currencies were backed by government bonds.
In every economic system, choices must be made because resources
A) are unlimited, but human desires and wants are limited. B) are limited, but human desires and wants are unlimited. C) are unlimited, and so are human desires and wants. D) are limited, and so are human desires and wants.