On August 15, 1971, the United States

question 2

Multiple Choice

On August 15, 1971, the United States

• A)returned to the gold standard.
• B)suspended the convertibility of dollars into gold.
• C)provided unlimited dollar reserves to the German central bank to help end a speculative attack on the mark.
• D)provided unlimited dollar reserves to the Bank of England to help end a speculative attack on the pound.

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Definitions:

Fixed Costs

Expenses that do not change with the level of output or activity, such as rent, salaries, and insurance premiums.

Break-Even

The point at which total revenues equal total costs, resulting in neither profit nor loss.

Break-Even Point

The level of production or sales at which total revenues equal total expenses, resulting in neither profit nor loss.

Profit And Loss Statement

A financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a fiscal quarter or year.