Explain the three rules that countries must follow to maintain a gold standard
What will be an ideal response?
First, they must fix the value of their currency unit in terms of gold. The second rule of the gold standard is that nations keep the supply of their domestic money fixed in some constant proportion to their supply of gold. The third rule of a gold standard is that nations must stand ready and willing to provide gold in exchange for their home country currency.
Economics
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According to economist Robert Gordon, major innovations in the United States have been concentrated in ________ waves of growth
A) two B) three C) four D) five
Economics
Which of the following is the best example of a decreasing-cost industry?
A) the health care industry B) the personal computer industry C) the college-education industry D) the oil industry
Economics