In a prison, cigarettes are used as a medium of exchange. In this scenario, a cigarette is an example of:
a. near money

b. fiat money.
c. fiduciary money.
d. commodity money.


d

Economics

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If the price of oil rises, the

A) AD curve and the AS curve shift rightward, the price level rises, and real GDP decreases. B) AS curve shifts leftward, the price level rises, and real GDP decreases. C) AD curve and the AS curve shift leftward, real GDP decreases, and the price level rises. D) AD curve shifts rightward, real GDP increases, and the price level rises. E) AS curve shifts leftward, the price level rises, and real GDP increases.

Economics

An increase in unearned income always creates a disincentive to work

Indicate whether the statement is true or false

Economics

Free competitive markets do not process information effectively

Indicate whether the statement is true or false

Economics

Economists would predict that if salaries increased for engineers and decreased for MBAs, fewer people than before would go to graduate school in business and more than before would go in engineering, ceteris paribus

a. True b. False Indicate whether the statement is true or false

Economics