Which is considered fiat money?
(a) Greenbacks
(b) Gold coins
(c) Silver dollars
(d) Silver certificates
(a)
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In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $30,000; $30,000 B. $24,000; $24,000 C. $30,000; $24,000 D. $24,000; $30,000
The law of demand states that
a. there is a positive relationship between price and quantity demanded b. price is the only factor that influences the quantity that people are willing and able to buy c. price and quantity demanded are inversely related d. the demand curve shifts whenever the price of a good changes e. by producing a product, firms create a demand for it
Nominal gross domestic product is based on:
a. the existing prices at which final goods and services are actually sold. b. prices of final goods and services adjusted for inflation. c. prices at which intermediate goods are sold. d. none of these.
Which of the following statements is false?
a. Profit is increasing when marginal revenue is greater than marginal cost. b. Marginal cost is always decreasing. c. Marginal and average total costs are equal at the most efficient production level. d. The AFC and AVC curves cross. e. The AFC and ATC curves do not cross.