The purchasing power of money
A. varies inversely with the interest rate.
B. is determined by law.
C. varies inversely with the price level.
D. depends on the value of gold.
Answer: C
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The largest percentage of U.S. national debt to GDP occurred during
A. World War II. B. The Civil War. C. The Great Depression. D. World War I.
If Russia has a comparative advantage in the production of wheat and China has a comparative advantage in the production of textiles, then
A. it is reasonable to expect that specialization will benefit both countries, but trade will not. B. it is reasonable to expect that specialization and trade will benefit both countries. C. neither country has anything to gain from specialization and trade. D. it is reasonable to expect that trade will benefit both countries, but specialization will not.