A $100 bill is a
A) commodity money.
B) fiat money.
C) representative commodity money.
D) partially representative commodity money.
B
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Engel's Law asserts that consumer expenditures on daily food in the aggregate decline as incomes rise. This explains the decreased demand for daily foods and the increased U.S. demand for exotic foods
Indicate whether the statement is true or false
Economies of scope exist between book publishing and magazine publishing if
A) the cost of publishing a magazine is lower for book publishers than for other firms. B) the cost of publishing a magazine is lower for firms that publish many magazines than for firms that publish only one magazine. C) the cost of publishing a book falls over time as the publisher acquires more experience. D) the cost of a publishing a book is not subject to diminishing marginal returns.
Refer to Figure 18.1. Which of the following would most likely cause a shift from AD1 to AD2?
A. A decrease in the money supply through open market operations. B. An increase in transfer payments because of a recession. C. A decrease in government spending. D. An increase in the tax rate.
Assume that coffee and tea are substitutes. When the price of coffee increases:
A. the demand for tea decreases. B. the demand for tea increases. C. the supply of tea increases. D. the supply of tea decreases.