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
You might also like to view...
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.
An increase in unearned income always creates a disincentive to work
Indicate whether the statement is true or false
Free competitive markets do not process information effectively
Indicate whether the statement is true or false
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