Whatever a society uses as money, the distinguishing characteristic is that it must
A) be completely inflation proof.
B) be generally acceptable as payment for goods and services or in the repayment of debt.
C) contain gold.
D) be produced by the government.
B
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If the dollar to euro exchange rate moves from 1.1 to 0.9 dollars per euro, then the dollar has ________ and the euro has ________
A) appreciated; depreciated B) appreciated; appreciated C) depreciated; depreciated D) depreciated; appreciated
Erin and Deidre, two residents in Ithaca, New York, are planning a trip to Boston. Erin, the sales manager for a large retailer, has to attend a business meeting
Deidre, a college student on vacation, is planning a leisurely trip to visit friends and relatives. Whose demand curve for air travel is likely to be more elastic? A) Deidre B) Erin C) There is no difference in their price elasticities of demand. D) The elasticity of the demand curves for Erin and Deidre cannot be determined without more information.
Economic policy of the government is often based on
A) microeconomic models. B) educated guessing. C) intuitive reasoning. D) hints.
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