Which statement best characterizes the classical economists' view of saving and investment?
A. Saving exceeds investment.
B. Saving is less than investment.
C. Saving equals investment.
D. Saving and investment are not related to one another.
Answer: C
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To maintain a functioning gold standard:
A) nations are obliged to exchange any amount of issued paper money for gold. B) paper money is not allowed; all transactions must be in coins or gold. C) the monetary authority cannot exchange currency for gold. D) care must be taken to keep inflation under 10%.
The report that concluded that the world will run out of oil in about 40 years used which formula to calculate the number of years to depletion?
A) (proven reserves + unknown reserves) ÷ annual consumption = number of years to depletion B) total reserves ÷ total consumption = number of years to depletion C) proven reserves ÷ annual consumption = number of years to depletion D) proven reserves ÷ unknown reserves = number of years to depletion