Fiat money:
a. has value because people accept it
b. has a high intrinsic value.
c. is backed by commodity reserves.
d. is money because of its metallic content.
e. is frequently clipped.
a
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From the four asset bubbles discussed in this chapter, the one that has the smallest impact on the economy is
A) the 1927-29 U.S. stock market bubble. B) the 1987-89 Japanese stock market bubble. C) the 1996-2000 U.S. stock market bubble. D) the 2001-2006 U.S. housing bubble.
In the following situation the tax system is Taxable income $5,000 $10,000 $20,000 Tax payments $500 $600 $1,600
a. progressive b. proportional c. regressive d. based on the benefits received e. there is insufficient information to answer the question
Clark enjoys fishing and hunting. He divides his leisure hours between the two outdoor activities. Suppose we were to draw Clark's indifference curves for the two activities, placing fishing on the horizontal axis and hunting on the vertical axis. If Clark's indifference curves are bowed inward, then
a. the rate at which he is willing to give up an hour of hunting for an hour of fishing changes depending on how many hours of each activity he has done. For example, if Clark has already fished a lot in one week, he will be more willing to give up an hour of fishing for an hour of hunting than if he has only fished a little that week. b. the rate at which he is willing to give up an hour of hunting for an hour of fishing is constant because he must derive the same enjoyment out of each activity. c. the rate at which he is willing to give up an hour of hunting for an hour of fishing changes depending on how many hours of each activity he has done. For example, if Clark has already fished a lot in one week, he will be less willing to give up an hour of fishing for an hour of hunting than if he has only fished a little that week. d. Clark's indifference curves will not cross. When indifference curves are bowed outward, the indifference curves must cross.
A job leaver is an individual
A. who used to work full time but left the labor force and has now reentered it looking for a job. B. in the labor force who quits voluntarily. C. who has never held a full-time job lasting two weeks or longer but is now seeking employment. D. in the labor force whose employment was involuntarily terminated.