Which of the following backs our money supply?
a. The words "This note is legal tender."
b. The faith in the government
c. The faith that people will take it in exchange for goods and services
d. Precious metals
c
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Interstate Commerce Commission (ICC) Act of 1887 gave the federal government rate-setting powers
Indicate whether the statement is true or false
Refer to Scenario 14.4. Suppose that the price of the product rises to $5, the number of workers hired
A) will decrease. B) will increase. C) will not change. D) cannot be determined without knowing the wage rate.
Setting up outlet malls in rural highways is an example of
A. reduced consumer transactions cost. B. increased consumer transactions cost. C. increased producer transactions cost. D. reduced producer transactions cost.
GDP tends to overstate economic well-being because it takes into account:
A. Improvements in product quality over time B. Expenditures undertaken to correct pollution C. Illegal activities of individuals and businesses D. Nonmarket activities, such as the productive work of homemakers