Money, such as gold, with some intrinsic value is called _____. Money with no intrinsic value is called _____
Fill in the blank(s) with correct word
commodity money, fiat money
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The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What wage must be paid at the profit maximizing quantity of coal miners?
A. $23,333 B. $16,670 C. $13,336 D. $21,667
A jeweler cut prices in his store by 20% and the dollar value of his sales fell by 20%. This is indicative of: a. elastic demand
b. inelastic demand. c. perfectly elastic demand. d. perfectly inelastic demand.
The elasticity of any demand curve is the same as its slope
a. True b. False Indicate whether the statement is true or false
A commercial bank's reserve ratio equals the ratio of its reserves to its:
A. required reserves. B. assets. C. deposits. D. excess reserves.