The gold standard of the 1900 ended the system that is known as the practice of bimetallism.
The gold standard act of the year 1900 was signed by President McKinley. This made gold to be the singular basis for the redemption of paper money in the United States.
This signing by the president was what put halt to what was regarded as bimetallism. This was the system that also allowed the use of silver also for the sake of monetary purposes.
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Answer:
C. prices for some goods change every year.
Explanation:
The reason why the real GDP (GDP adjusted to inflation) is a much better economic index than nominal GDP is that prices change over time, even if the quantities produced do not. It is actually possible for nominal GDP to increase even if total production output decreases due solely to high inflation rates.
Answer:
A. $1,568.07
Explanation:
Amount financed = (1 - .25) ×$287,500 = $215,625
PV = $215,625 = C × (1 - {1 / [1 + (.0375 / 12)]180}) / (.0375 / 12) C = $1,568.07
Answer: Third
Explanation:
Diminishing returns to labor refers to the phenomenon where every additional worker leads to an increase in production at a decreasing rate.
Using the scenario described, when there was only one employee the company could mow 4 lawns a day. They added a 2nd worker and that figure went to 9 lawns a day which is an increase of FIVE.
When they added a 3rd worker, the figure again went up but only to 12 which is an increase of THREE only as opposed to the last increase of FIVE.
After the third worker therefore, there was an increase but at a smaller rate.
