Based on the U.S. historical experience with the gold standard, we can conclude that
A) the gold standard guarantees price stability but not economic stability.
B) the standard guarantees economic stability but not price stability.
C) the gold standard guarantees both economic and price stability.
D) the gold standard guarantees neither economic nor price stability.
Answer: D
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The nation's production possibilities frontier is bowed outward. Suppose that the government decides to increase the production of armaments by $20 billion, and that as a result the output of consumer goods falls by $20 billion
If a further $20 billion increase beyond the initial $20 billion increase in armaments output is sought, we can expect that the output of consumer goods and services will fall further by A) less than $20 billion. B) $20 billion. C) more than $20 billion. D) There is not enough information to determine the answer.