Question

1. Under the gold standard, if Britain became more productive relative to the United States, what...

1. Under the gold standard, if Britain became more productive relative to the United States, what would happen to the money supply in the two countries? *

a.Cost of production in US rise, prices in US rise, DD for USD increase, USD appreciates.

b.Cost of production in UK fall, prices in UK fall, DD for £ increase, £ appreciates.

c.Cost of production in UK fall, prices in UK rise, DD for £ increase, £ depreciates.

d.Cost of production in UK fall, prices in UK fall, DD for £ increase, £ depreciates.

e. Option 4

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