The intrinsic value of U.S. currency today is the value of
A. government bonds.
B. gold.
C. silver.
D. nothing.
Answer: D
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If there is inflation and we compare the changes in a nominal variable over time versus its real counterpart, such as the nominal wage rate versus the real wage rate, we find that the
A) two increase at about the same rate because of inflation. B) real wage rate increases faster because of inflation. C) nominal wage rate increases faster because of inflation. D) two decrease at about the same rate because of inflation. E) two change at a rate that does not depend on the inflation rate.
Jessica’s workplace is collecting money for a lottery pool. Each employee can choose to contribute $50, with a 1 in 600,000 chance of winning $1 million. If Jessica chooses not to contribute to the lottery pool, she is probably experiencing:
A. positive framing. B. the endowment effect. C. loss aversion. D. status quo bias.
Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is:
A. an increase in the demand for ketchup. B. a decrease in the supply of ketchup. C. a decrease in the demand for ketchup. D. an increase in the supply of ketchup.
The Wall Street Journal magazine offers a significant discount to students who purchase a one-year subscription. If the reason for the discount is price discrimination, we can conclude that:
A. students have a less elastic demand for newspapers than does the general public. B. there is no difference between a student's elasticity of demand for newspapers and any other person's elasticity of demand. C. students have a more elastic demand for newspapers than does the general public. D. students have a perfectly inelastic demand for newspapers.