Suppose Mexico and the United States are on the gold standard. If there is a half an ounce of gold in the dollar, and one quarter an ounce of gold in the peso, then the exchange rate is
A) $0.50 = 1/2 peso.
B) $1 = 1/4 peso.
C) $1 = 2 pesos.
D) $1 = 4 pesos.
E) $1 = 1/2 peso.
C
Economics
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Refer to Figure 4-1. What is the total amount that Kendra is willing to pay for 3 ice cream cones?
A) $2.50 B) $7.50 C) $9.00 D) $13.50
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Which one of the following events will reduce GDP?
a. Mrs. Lee hires a housekeeper. b. You buy the ingredients to bake a loaf of bread, but you burn the bread and throw it away. c. You decide to work five more hours per week at your bookkeeper job, even though you need more time to study. d. An automobile manufacturer lays off 200 workers as the result of a fire in the paint shop.
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