When goldsmiths issued receipts to gold owners, and those gold receipts circulated while gold stayed in the goldsmiths' safes,
A) the gold receipts were considered money because they were used as a means of payment.
B) an infant banking system developed in sixteenth century Europe.
C) fiat money was created.
D) money was invented.
E) Both A and B are correct.
E
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Regulation of industry is usually carried out by special government agencies that administer and interpret the law
a. True b. False Indicate whether the statement is true or false
Refer to the diagram for a nondiscriminating monopolist. Marginal revenue will be zero at output:
A. q 1 .
B. q 2 .
C. q 3 .
D. q 4 .
The FOMC targets the federal funds rate, but if they are going to alter the course of the economy they must influence the:
A. real interest rate as well. B. real exchange rate as well. C. long-term nominal interest rate as well. D. nominal exchange rate as well.
The effect of trade on income distribution
A) can be significant in the sort run. B) is positive for all segments of an economy. C) is insignificant in the short run. D) implies that there are no real gains from trade. E) refutes the model of comparative advantage.