What is the connection between the gold held at the Fort Knox Bullion Depository in Kentucky and the U.S. money supply?
What will be an ideal response?
Although under the gold standard all U.S. paper money had to be backed by gold, today the gold at Fort Knox has no connection to the U.S. money supply since modern currencies like the U.S. dollar are fiat money.
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An industry with a large number of small firms producing a standardized product in a market with easy entry and exit of firms is:
What will be an ideal response?
If the U.S. government's borrowing needs increase, in the bond market this would be seen as:
A. the bond demand curve shifting right. B. the bond supply curve shifting right. C. a movement up the bond supply curve. D. the bond demand curve shifting left.
Based on the membership of the Eurosystem in 2017, the median country is likely to be:
A. growing more rapidly than the others. B. very large. C. Italy. D. fairly small.
If demand is unit elastic and the labor supply is ________, the payroll tax is borne mostly by the employer.
A. perfectly inelastic B. very elastic C. unit elastic D. very inelastic