Under the gold standard, because all currencies had values fixed in units of gold
A) exchange rates were essentially fixed.
B) exchange rates were essentially floating.
C) exchange rates were set to a crawling peg.
D) none of the above
A
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Economic profits at the short-run break-even point are
A) positive. B) negative. C) equal to zero. D) indeterminate since they also depend on the size of the fixed costs.
During 2001-2012, the federal budget deficit
a. expanded and real government spending increased rapidly, indicating that fiscal policy was restrictive. b. expanded and real government spending increased rapidly, indicating that fiscal policy was expansionary. c. declined and real government spending fell, indicating that fiscal policy was restrictive. d. declined and real government spending fell, indicating that fiscal policy was expansionary.