In the United States, the dollar was commodity backed:
A. until 1971.
B. until the Civil War.
C. Until financial crisis of 2008.
D. until World War II.
A. until 1971.
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How might consumer credit laws contribute to the empowerment of individuals?
A) Seller and lender abuses are reduced under consumer credit laws. B) Consumers are able to borrow money regardless of their credit history. C) Lenders can choose not to extend credit to individuals with a poor credit rating. D) Consumer credit laws prevent individuals from borrowing money, keeping them out of debt.
Which of the following is an incorrect statement?
a. If for an activity MR>MC, then do more of it b. An incentive compensation scheme that increases MR will increase effort c. Fixed fees have no effect on effort d. Average cost is relevant to an extent decision
What term refers to the idea that society has limited resources and therefore cannot produce all the goods and services people wish to have?
a. inefficiency b. inequality c. scarcity d. market failure
Given the strict quantity theory of money, if the quantity of money were decreased by 50 percent, prices would
What will be an ideal response?