In "Closing the Gold Window" in 1971, President Nixon

question 184

Multiple Choice

In "closing the gold window" in 1971, President Nixon

• A)did both d and e
• B)did all of the following
• C)refused to exchange gold for dollars
• D)forced the dollar to appreciate
• E)called in all gold circulating domestically

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Definitions:

Autonomous Consumption

The level of consumption that occurs when income levels are zero, reflecting basic consumption needs that do not depend on income.

Autonomous Consumption

Autonomous consumption is the level of consumption that occurs when income levels are zero, reflecting the basic level of consumption that is needed for survival.

Disposable Income

Post-tax disposable income that households can allocate for spending and saving.

Saving

The process of setting aside a portion of current income for future use, either by depositing the money in a bank or investing in various financial assets.