Early attempts to establish paper money were hampered by:
a. counterfeiting.
b. constitutional prohibition against states issuing paper money.
c. currency valuations that varied from city to city.
d. All of the above are correct.
e. Only a and c are correct.
d. All of the above are correct.
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U.S. dollar bills
A) are backed by gold. B) are backed by silver. C) are backed by platinum. D) are backed by uranium. E) are not backed by any precious metal.
Real interest rate equals the inflation rate minus the nominal interest rate
Indicate whether the statement is true or false
Specialization describes the occurrence when a country shifts resources to focus on producing a good that offers ____________ advantage and the lowest opportunity cost.
a. marginal b. comparative c. minimal d. profit
Suppose the government of New Country fixes the exchange rate of its currency, the Newo, in terms of the U.S. dollar. Initially the exchange rate is set at $0.50 per Newo. In a crisis, the government changes the exchange rate to $0.25 per Newo. This is an example of a(n):
A. appreciation B. devaluation C. revaluation D. depreciation