If something is used as a measure of value, then a necessary condition is that it must
a. serve as a yardstick for measuring the value of other goods
b. be a precious metal, such as gold or paper money
c. be convertible into gold
d. be used in barter exchange
e. be accepted as payment for any purchase
A
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According to the above figure, equilibrium is at point
A) E. B) B. C) C. D) D.
Under the Coinage Act of 1792:
a. gold coins contained more metal than silver coins of the same denomination. b. silver coins contained more metal than gold coins of the same denomination. c. gold coins contained about the same amount of metal as silver coins of the same denomination. d. gold coins were minted only in high denominations and silver coins were minted only in low denominations.
Higher efficiency in the economy can be reached if prices are held low by law.
Answer the following statement true (T) or false (F)
In a market in which the government has set a price ceiling below the equilibrium price:
A. there will be excess supply. B. quantity supplied will exceed quantity demanded. C. the quantity demanded will equal quantity supplied. D. a black market might develop.