What is fiat money? Why is fiat money important in the United States today?
Fiat (from the Latin for "let it be done") money is money, which is decreed to be acceptable as payment, regardless of backing with gold, silver, or other precious metals. Money in circulation in the United States (and many other nations) today is almost entirely fiat money. Fiat money has value as long as people are willing to accept it as payment for goods and services.
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Economies of scale exist whenever long-run average costs:
a. Increase as output is increased b. Remain constant as output is increased c. Decrease as output is increased d. Decline and then rise as output is increased e. None of the above
The philosopher John Rawls argued that
a. people would choose income equality if they didn't know beforehand the "agreed upon rules" that determine people's economic position b. people would choose income inequality to allow the maximum use of their individual talents c. it would be impossible to determine beforehand how rich and poor people would choose between income equality and income inequality d. people, uninhibited by social convention, would choose income inequality because they are, by nature, not inclined toward egalitarian values e. government has a role to ensure income equality to prevent social unrest
A. boiling temperature unit. B. base tax utility. C. British thermal unit. D. base technology utility
A. raise the temperature of one pound of water by one degree Fahrenheit. B. boil one gallon of water for one minute. C. raise the air temperature one degree Celsius for one hour. D. raise the temperature of one pint of water by one degree Celsius.
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity of wool supplied would ________ because the market supply curve for wool is ________ sloped.
A. increase; positively B. increase; negatively C. decrease; positively D. decrease; negatively