Fiat money is money:
A. accepted by law regardless of its intrinsic value.
B. that is not included as part of the M1 money supply.
C. that is backed by gold or silver held on reserve by the government.
D. such as coins that are made from metal.
Answer: A
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Which of the following shifts the aggregate demand curve leftward?
A) a decrease in government expenditure on goods and services B) an increase in the price level C) a tax cut D) an increase in foreign income E) a decrease in the price level
The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. At the unregulated price and quantity, Light-U-Up's economic profit is equal to
A) -$10. B) $10. C) $40. D) $60.
Very Technical is a firm that sells computing equipment. It costs Very Technical $150 for each order of computer monitors and the variable cost of placing an order is $2 per monitor. Very Technical pays an annual holding cost of $8 per monitor. If Very Technical sells 4,000 computer monitors a year and they order 500 monitors, what is the total annual cost of the monitors?
A) $11,200 B) $9,500 C) $8,750 D) $12,500
Which of the following statements is true for markets in which the demand curve slopes downward and the supply curve slopes upward?
a. As the size of the tax increases, tax revenue continually rises and deadweight loss continually falls. b. As the size of the tax increases, tax revenue and deadweight loss rise initially, but both eventually begin to fall. c. As the size of the tax increases, tax revenue rises initially, but it eventually begins to fall; deadweight loss continually rises. d. As the size of the tax increases, tax revenue rises initially, but it eventually begins to fall; deadweight loss falls initially, but eventually it begins to rise.