The gold standard ended in the 1970s because the gold supplies failed to keep pace with the increase in money supplies required for industrialization and rapid economic growth witnessed in this era

If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a

A) store of value. B) medium of exchange. C) mechanism for transforming present purchases into future purchases. D) unit of account.

A perfectly competitive firm

A) sells a product that has perfect substitutes. B) has a perfectly inelastic demand. C) has a perfectly elastic supply. D) Answers A and B are correct. E) Answers A and C are correct.