Why did American colonists have trouble redeeming Continentals, representative money backed by the Second Continental Congress?
(A) There was a shortage of gold and silver.
(B) The government had no power to collect taxes.
(C) Colonists preferred to use bills issued by the Massachusetts Bay Colony.
(D) They were thought to be a symbol of central government control.
Ans: (B) The government had no power to collect taxes.
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The market where currencies may be bought and sold for immediate delivery is known as
A) the forward exchange market. B) the spot exchange market. C) the purchasing power market. D) the futuristic exchange market.
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.25 per minute. How many minutes will high-demand consumers purchase?
A. 75 B. 175 C. 200 D. 100
Which of the following is always a characteristic of the contraction phase of the business cycle?
A) lower unemployment rates B) a decline in Real GDP C) higher inflation rates D) a decline in GDP E) all of the above
Local property taxes are a
A. Progressive tax because as income increases people tend to buy more expensive houses. B. Proportional tax because properties are taxed at the same rate regardless of the value of the home. C. Regressive tax because poorer people spend a larger portion of their income on property taxes. D. Progressive tax because the total tax on housing increases as the price of the house increases.