Under both the gold standard and the gold exchange standard countries bought and sold U.S. dollars to maintain a fixed exchange rate with the dollar

A single-price monopolist maximizes profits by producing the output at which

A) price equals marginal cost. B) price equals marginal revenue. C) marginal revenue equals marginal cost. D) marginal cost equals average cost.

Suppose that Venezuela experiences significant capital outflows after a recent election. If the nation had flexible exchange rates, these flows would have had the following effect on the reserves account and monetary base

a. Reserves account would rise and monetary base would fall. b. Reserves account would not change and monetary base would not change. c. Reserves account would fall and monetary base would not change. d. Reserves account would fall and monetary base would fall. e. Reserves account would fall and monetary base would rise.