Under a pure gold standard,
A) exchange rates float most of the time.
B) money is worth more than under other systems.
C) nations must buy and sell gold to settle international obligations.
D) there is no inflationary pressure.
C
Economics
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Long-run market supply curves are downward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.
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If an industry consists of only two firms with equal market shares, then the Herfindahl index is
a. 50 b. 100 c. 2,500 d. 5,000 e. 10,000
Economics