What is a gold standard?
What will be an ideal response?
A gold standard is a monetary system in which gold backs up paper money. In a traditional gold standard, a person can present paper money to the government and receive its stated value in gold.
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Which of the following is true?
i. The supply of a good is inelastic if when its price changes, the percentage change in the quantity supplied exceeds the percentage change in price. ii. Price elasticity of supply equals the percentage change in the quantity supplied divided by the percentage change in price. iii. If demand is price elastic, a rise in price leads to a decrease in total revenue. A) only i B) only ii C) only iii D) i and ii E) ii and iii
Refer to Figure 15-6. The monopolist earns a profit of
A) $0. B) $170. C) $248. D) $372.