Fiat money is money backed by
a. gold owned by the government.
b. a commodity held by the government.
c. trust in the government issuing it.
d. bartering between consumers.
c. trust in the government issuing it.
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Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500Real GDP per capita is highest in which year?
A. 2009 B. 2010 C. 2008 D. 2011
The law of supply states that, other things equal, when the price of a good
a. falls, the supply of the good rises. b. rises, the quantity supplied of the good rises. c. rises, the supply of the good falls. d. falls, the quantity supplied of the good rises.
The fundamental cause of monopoly is
Suppose a lawn-mowing business has a mower for which it paid $1000 and workers for which they pay $10 per hour. Suppose each mower can mow a lawn per hour.
A. Their variable cost per lawn is $10 + $1000/lawns mowed. B. Their average fixed cost is $1000/lawns mowed. C. Their average fixed cost is $10 per lawn mowed. D. Their average fixed cost is $1000.