Fiat money differs from commodity money in that
a) only fiat money can be made legal tender
b) fiat money has no intrinsic value
c) fiat money is backed by gold
d) only fiat money can serve as a unit of account
e) only commodity money can serve as a store of value
b) fiat money has no intrinsic value
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Refer to Figure 24-3. Suppose the economy is at point A. If the economy experiences a supply shock, where will the eventual short-run equilibrium be?
A) A B) B C) C D) D
Which of the following entities was blamed in part for the speculative activity leading to the crash of 1929?
(a) Large manufacturing enterprises (b) Brokers and their firms who extended loans to customers interested in buying stocks on the margin (c) The Federal Reserve System (d) New mom and pop businesses
If a pair-wise majority vote was held and the voters' preferences are shown in the table, which option would win overall?
A. Public transportation
B. Public zoo
C. Public parks
D. It is impossible to predict which option would win.
The slope of a curve at any point is given by this formula:
A. The change in y coordinates between two points divided by the change in their x coordinates. B. The percentage change in x coordinates between two points divided by the percentage change in their y coordinates. C. The percentage change in y coordinates between two points divided by the percentage change in their x coordinates. D. The change in x coordinates between two points divided by the change in their y coordinates.