Explain how the gold standard operated

What will be an ideal response?

Under the gold standard, each country defined their currency in terms of gold. If U.S. residents imported more than they exported, other countries turned in dollars for gold, causing the money supply to fall in the United States. Interest rates would then increase, causing an influx of foreign capital and an improved balance of payments.

Economics

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If a seller's marginal cost is $25, and the price at which the good is sold is $15, the producer surplus is ________

A) -$10 B) $10 C) $15 D) $25

Economics

The efficiency of the payments’ mechanism affects

A. the speed with which money can be exchanged for other assets. B. how quickly individual loan applications will be approved. C. how slowly individuals deplete their cash balances. D. the speed with which financial institutions can process checks and other funds.

Economics