Between the Civil War and World War I, the U.S. monetary system:
a. experienced a persistent deflation.
b. suffered several financial crises in which banks closed and firms went bankrupt.
c. adopted a de facto gold standard.
d. adopted a central bank.
e. All of the above.
e. All of the above.
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A straight-line Lorenz curve shows
A) an equal distribution of money income. B) a greater than proportionate share of income going to middle-income households. C) a high incidence of absolute poverty. D) a highly unequal distribution of income.
Suppose a McDonald's Big Mac costs 30 pesos in Argentina. At the same time, suppose the exchange rate between the peso and the euro is roughly 15 pesos per euro. According to purchasing power parity, a Big Mac in Europe should cost:
A. 15 euros. B. 30 euros. C. 2 euros. D. 0.50 euros.