In the 1800s, people in mining towns in the West often paid for goods with gold nuggets or gold dust. What was the function of gold?

(A) It was used as representative money.
(B) It was used as fiat money.
(C) It was used as part of a barter system.
(D) It was used as a currency.


Ans: (D) It was used as a currency.

Economics

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Assume a simple macroeconomic model. When inventories rise unexpectedly,

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Economics

Fiscal policy occurs when:

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Economics