Which of the following is not true of Federal Reserve notes?
a. They are fiat money
b. They are a liability of the Fed.
c. They are redeemable for other Federal Reserve notes.
d. They are redeemable for gold.
e. They are counted as currency in the money supply
d
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In the table shown above, the total cost of the market basket in 2010 was
A) $6.00. B) $8.50. C) $60.00. D) $85.00.
The Center County Council voted to increase taxes dramatically on all automobiles sold in the county to raise revenue to repair roads. After a year, they were disappointed to learn that tax revenue had not really increased with the new tax. What could explain this?
a. The tax needed to be even larger in order to generate revenue. b. The tax greatly reduced the quantity of cars sold. c. The tax made demand grow too fast for producers to match. d. The tax gave the surplus to consumers instead of the government.
In a short-run production process, a diminishing marginal product of labor explains why marginal cost is
A. positive and rising. B. negative and falling. C. zero. D. positive but falling.
Tampa-St. Petersburg built new facilities to attract a sports franchise, but got a team only after waiting
A. five years. B. two years. C. ten years. D. four years.