A gold standard pegs the currency to:
A) another nation that also adopts a gold standard.
B) a basket of metals: gold, silver, platinum, and palladium.
C) the price of gold in local currency.
D) the U.S. dollar.
Ans: C) the price of gold in local currency.
Economics
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The total multiplier of government expenditure is
A) zero. B) between zero and one. C) one. D) larger than one.
Economics
If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour, then
A) Irene has the absolute advantage in the production of tables. B) Greg has the absolute advantage in the production of chairs. C) Irene has the comparative advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.
Economics