If money has intrinsic value, it has value:
A. based on how often people use it for payment.
B. unrelated to its use as money.
C. that sets its value as money.
D. only as its use as money.
Answer: B
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The above figure shows the U.S. market for replacement cell phone batteries. Suppose the U.S. government imposes the tariff illustrated in the figure
The tariff is equal to ________, and the price U.S. consumers pay _______compared to the price paid when there was free trade. A) $2; increases B) $2; decreases C) $14; increases D) $14; decreases E) $12; increases
If population grows faster than GDP, then per capita GDP must fall
a. True b. False Indicate whether the statement is true or false
There are very few, if any, good substitutes for motor oil. What does this imply?
a) The supply of motor oil would tend to be price elastic. b) The demand for motor oil would tend to be price elastic. c) The demand for motor oil would tend to be price inelastic. d) The demand for motor oil would tend to be income elastic.
During an economic boom, actual output exceeds potential output.
Answer the following statement true (T) or false (F)