Which of the following was the reserve currency under the gold exchange standard?

Refer to Figure 4-1. What is the total amount that Kendra is willing to pay for 2 ice cream cones?

A) $1.50 B) $3.00 C) $5.50 D) $6.50

When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.

A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline