Fiat money is money:
a. accepted by law regardless of its intrinsic value.
b. that is not included as part of the M1 money supply.
c. that is backed by gold or silver held on reserve by the government.
d. such as coins that are made from metal.
a
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Crisps and Smith's are the only two bakeries that sell cookies in a small community. Crisps sells butter cookies while Smith's sells chocolate cookies
Which of the following will happen if Smith's lowers its price for cookies slightly below Crisps's price? A) Crisps will lose all its customers to Smith's. B) Smith's will lose all its customers to Crisps. C) Crisps will face a lower demand for its cookies. D) Smith's will face a lower demand for its cookies.
The person or firm that pays a tax bears the burden of the tax
Indicate whether the statement is true or false
A direct or positive relationship between price and quantity supplied is
A) the market clearing price. B) a change in demand. C) a supply curve. D) a demand curve.
Carla is deciding whether to go to the movies this afternoon. Behavioral economists predict Carla likely will:
A. have a difficult time accurately valuing the benefit of the movie. B. have a hard time accurately valuing her opportunity cost of the movie. C. over-value her opportunity cost. D. All of these are true.