During expansions
a) sales and profits rise.
b) sales rise, but profits fall.
c) sales fall, but profits rise.
d) sales and profits fall.
Answer: a) sales and profits rise.
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The process of achieving a quality of life in a country that is comparable to that found in a modern economy is called ________
A) economic development B) economic modernization C) comparative advantage D) industrial growth
The Bretton Woods system was expected to be more stable than the gold standard because
A) the world supply of gold had increased greatly by the time the Bretton Woods system was established. B) large trade deficits and surpluses would be unlikely to occur under the Bretton Woods system. C) fewer countries were involved in the Bretton Woods system than had been involved in the gold standard. D) the IMF was set up to be a lender of last resort.