The Smithsonian Agreement of 1971 was hailed by President Nixon as a fundamental reorganization of the international monetary system. In fact, what it accomplished was
A) the revaluation of the dollar.
B) the devaluation of the dollar.
C) the reduction of the gold content of the dollar.
D) the elimination of gold backing for the dollar.
E) Both B and C.
E
Economics
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How many broad categories are used by economists to define the GDP?
A) 3 B) 4 C) 6 D) 8
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In the above figure, the short-run equilibrium is at the price level of ________ and real GDP of ________
A) 100; $15.5 trillion B) 120; $16 trillion C) 110; $15.5 trillion D) 100; $16 trillion
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