Under a gold standard in which France defined one franc to be worth 1/50th of an ounce of gold and the U.S. defined one dollar to be worth 1/10th of an ounce of gold, then
A. one U.S. dollar would exchange for five French francs.
B. the French franc is worth only one-tenth as much as the dollar is worth.
C. the U.S. dollar is valued at one-fifth of the French franc.
D. on French franc would exchange for ten dollars.
A. one U.S. dollar would exchange for five French francs.
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The real wage rate is the ________ divided by the ________
A) equilibrium quantity of employment; potential GDP B) nominal wage rate; inflation rate C) nominal wage rate; price level D) quantity of labor demanded; quantity of labor supplied E) quantity of labor supplied; quantity of labor demanded
Samantha goes to college to become an engineer. This is an example of an
A) investment in physical capital. B) investment in human capital. C) increase in entrepreneurship D) increase in labor.