Under a gold standard, a country with a trade deficit should expect gold to flow ________.
Fill in the blank(s) with the appropriate word(s).
out of the country
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Keynes believed that the precautionary demand for money varied
a. negatively with income. b. positively with income. c. negatively with the interest rate. d. positively with the interest rate. e. Both b and c
Suppose you are asked to use the standard time trade-off approach to measuring quality of life and are given the following information. An individual is faced with living the remaining 10 years of her life suffering from severe osteoporosis. She reveals that she would be willing to give up four of those years to live the remaining six in perfect health. What is the utility of one year in the
chronic health state relative to perfect health? a. 4 b. 6 c. 0.4 d. 0.6 e. There is not enough information to determine the utility of life in this case