Alchemy was the attempt to discover a process by which base metals, such as lead, could be turned into gold. If an alchemist had been successful,
A) all the lead in the world would have been added to the world's gold supply.
B) all the lead in the world would have replaced the world's gold supply.
C) all the lead in the world would only have been added to the world's gold supply when it was converted to gold.
D) the alchemist would likely have been killed by the owners of real gold.
A
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Based on Scenario 1 above critically evaluate the following statement. "Because of the disparities in skills between these two men it will not be beneficial for them to trade with one another."
What will be an ideal response?
Draw two SP curves intersecting LP; call the upper intersection point A and the lower point B. The Fed promises to reduce inflation while maintaining natural unemployment. If the public believes the Fed, the economy moves from ________
Then if the Fed turns out to be time-inconsistent, breaking its promise and trading off ________ inflation for lower unemployment, the public revises the way it forms inflation expectations so that in the long run the economy stays at ________. A) A to B, lower, B which is superior to A B) A to B, higher, A which is inferior to B C) A to B, lower, A which is superior to B D) B to A, higher, B which is superior to A E) B to A, lower, B which is inferior to A