Under the gold standard,
a. no nation had control of its domestic monetary policy, and therefore no nation could control its aggregate demand.
b. the world's commerce was at the mercy of gold discoveries.
c. discoveries of gold meant higher prices in the long run and higher real economic activity in the short run.
d. All of the above are correct.
d
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A firm built an inventory of 16-bit chips for $50,000 last year. However, the introduction of 32-bit chips lowers the market price for 16-bit chips and the inventory can only be sold for $40,000 now
What is the opportunity cost of the inventory of 16-bit chips? A) $50,000 B) $40,000 C) $10,000 D) $90,000
If the government-imposed price of corn is greater than the market price,
a. the quantity of corn supplied will exceed the quantity of corn demanded. b. the quantity of corn supplied will be less than the quantity of corn demanded. c. the demand curve for corn will increase. d. the supply curve for corn will increase.