Which of the following types of money has intrinsic value?
A. Commodity money
B. Fiat money
C. Both commodity and fiat money
D. None of the above is correct.
Answer: A
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According to Keynes, in order to get the economy out of a recession, the government should: a. follow an expansionary fiscal policy
b. encourage firms to export to other nations. c. follow an contractionary fiscal policy. d. follow a contractionary monetary policy. e. not interfere in the market and let the market system heal itself.
If the American Medical Association lobbied successfully to eliminate licensing laws for physicians,
a. physicians' salaries would increase b. the supply curve of physicians would shift to the left c. physicians' salaries would decrease d. the supply curve of physicians would become more inelastic e. the supply curve of physicians would become more elastic
Given full-employment output = $2,800, equilibrium output = $2,500, and MPS = 0.25, which of the following changes would most likely bring the economy to a full-employment level of national output?
A. $300 decrease in taxes. B. $75 increase in government spending. C. $75 decrease in taxes. D. $300 increase in government spending.
An increase in the marginal tax rate on labor income will shift the
a. labor supply curve leftward b. labor demand curve rightward c. labor supply curve rightward d. labor demand curve leftward