Robert Lucas and his followers have argued that the Philips curve appears to be:
a. a vertical line.
b. a horizontal line.
c. a negatively-sloped curve.
d. a positively-sloped curve.
a vertical line.
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If a country chooses to establish fixed exchange rates and an independent monetary policy, it gives up the ability to have ________
A) free capital mobility B) an independent fiscal policy C) capital controls D) an independent physical policy
Suppose we know that 10 Spanish Galleons sunk in the Atlantic Ocean carrying approximately 50 tons of gold, but the exact location of these shipwrecks is unknown. Would this gold add to the world reserve?
A) Yes, we know it exists. B) No, we know it exists but we can't extract the gold. C) Yes, it's only a matter of time before the shipwrecks are discovered. D) No, there are no established property rights over the shipwreck so they cannot add to world reserves.