What gives money value under a fiat system?
A. Fiat money is backed by gold.
B. The supply of fiat money is controlled by the government.
C. Fiat money is also a commodity.
D. Fiat money is the same as Treasury bonds.
Answer: B
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Which of the following does NOT affect potential GDP?
A) the quantity of money B) the quantity of labor employed C) the quantity of capital and human capital D) the amount of entrepreneurial talent available E) the quantity of land and natural resources
The total producer surplus in the entire market is given by the:
A) product of the individual seller's surplus. B) sum of all the individual sellers' producer surplus. C) area between the market supply curve and the market demand curve. D) area between the market demand curve and the price line.
Wage discrimination occurs when people are paid different salaries based upon: a. education
b. ethnicity. c. willingness to work. d. talent.
The cross-price elasticity of demand measures:
A. the relationship between the demand for one good and the supply of another. B. the relationship between the demand for one good and the price of another. C. the relationship between the demand and supply of one good at the intersection of the curves. D. the elasticity of demand at the intersection of the supply and demand curves.