Fiat money is:
a. includes currency and gold in bank vaults.
b. does not include coins.
c. is backed by any sort of commodity.
d. has no value outside of its use as money.
D
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Due to the recession in 2008, firms decreased their profit expectations. As a result, there was a ________ shift in the ________ loanable funds curve
A) rightward; supply of B) leftward; demand for C) rightward; demand for D) rightward, supply of
In the Classical model, the aggregate supply curve determines the
A) price level. B) inflation rate. C) level of output. D) money supply.
A critical assumption
a. makes an economic model a more concrete representation of reality b. eliminates unnecessary details from an economic model c. has an important impact on the conclusions of an economic model d. is usually implicit in an economic model e. increases the level of abstraction of an economic model
A simple model used in your textbook to show how an economy works is the
a. renewable resources model b. normative economic model c. insatiable wants model d. econometric model e. circular flow model