On the Micronesian island of Yap, the money that is primarily used as currency is
a. paper money.
b. wheels made of stone.
c. gold.
d. shells and gems.
b
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Suppose the economy is initially experiencing a recessionary ga
A) a reduction in the size of the recessionary gap and increase in real GDP. B) an increase in the size of the recessionary gap and decrease in real GDP. C) an inflationary ga
An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self interest always contradicts social interest." Do you agree or disagree? Substantiate your answer
What will be an ideal response?
A reserve requirement of 10% implies a money multiplier of 10 and a reserve requirement of 15% implies a money multiplier of 15
a. True b. False Indicate whether the statement is true or false
For a previously-legal good, criminalization will cause
A. demand to become less elastic. B. supply to increase. C. supply to become more elastic. D. price to rise, unambiguously.