What is a commodity money system?
What will be an ideal response?
A commodity money system is a monetary system in which the actual money is a commodity, such as gold or silver.
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The division of the burden of a sales or excise tax on demanders and suppliers:
a. Is always equal. b. Is always higher for demanders. c. Is always higher for suppliers. d. Depends on the shapes of the demand and supply curves.
In most cases, optimization in differences is faster and easier than optimization in levels because:
A) the former involves fewer steps to arrive at a conclusion. B) the former only focuses on the key differences between options and ignores things in common. C) the former focuses only on the benefits of an option, ignoring all calculations involving costs. D) the former uses simpler arithmetic tools in comparison to the latter.
Which of the following is an example of spending on goods and services in the circular flow model?
A) Belinda purchases a new computer for her tax-preparation business. B) Timmy purchases a new examination table for use in his veterinary clinic. C) Celeste buys fresh herbs at the farmers' market to use in her restaurant. D) Javier buys 800 square feet of wood flooring for his vacation home.
The Fed's liabilities include
What will be an ideal response?