United States coins and currency are backed by
A) silver.
B) gold.
C) reserves of foreign currencies.
D) confidence that they will retain their value.
D
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The level of output determined by the intersection of the short-run aggregate supply curve and the aggregate demand curve
A) may be above, below, or equal to full-employment output. B) is always above full-employment output. C) is always below full-employment output. D) always corresponds to full-employment output.
When negative externalities are present, it means that:
A. production and consumption is above the socially optimal level. B. individuals don't take into account all the costs associated with their market choice. C. society bears part of the cost borne of private transactions. D. All of these statements are true.
Bid-rigging has all of these features EXCEPT
a. It is a collusive agreement b. The bid-riggers pay a smaller amount than without bid-rigging c. Bid-riggers need an auxiliary mechanism to allocate the good within the bid-riggers d. Bid rigging is usually a legitimate and legal strategy for the buyer-side
Which of the following is true about the Bitcoin:
a. New Bitcoins are created by private, non-Bitcoin affiliated individuals (i.e., not Bitcoin employees) called miners, who solve computer algorithms to earn the newly created Bitcoins. b. New Bitcoins are created by the Bank of Bitcoin (BoB), which is (for all intents and purposes) the central bank in charge of Bitcoin's supply. c. New Bitcoins are created by Bitcoin Inc., which is a company, like Facebook or Microsoft, thathas developed this virtual currency. d. Bitcoin transactions are cleared through clearing houses, such as Mt. Gox. e. Bitcoin has a fixed exchange rate relative to the U.S. dollar and other currencies.