Money that is backed by nothing but the faith and confidence that if you accept it in exchange for something, you will be able to exchange it for something else, is referred to as ________
Fill in the blank(s) with correct word
fiat money
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Assume a market price gets set artificially high-that is, it gets set above the equilibrium price. This change means:
A. Every consumer loses surplus, and it all gets transferred to producers. B. Every producer gains surplus, due to the higher price now being charged. C. Some consumers drop out of the market, and those left lose some surplus. D. None of these is true.
Use your basic knowledge and your understanding of market structures to answer this question. Which of the following companies most closely approximates a differentiated oligopolist in a highly concentrated industry?
A. Subway Sandwiches. B. Pittsburgh Plate Glass. C. Ford Motor Company. D. Kaiser Aluminum.
Modern union leaders are
(a) generally much more conservative than their predecessors in the late 19th and early 20th centuries. (b) generally more radical than their predecessors in the late 19th and early 20th centuries. (c) neither more conservative nor more radical than their predecessors. (d) more radical on issues such as wages and working conditions but more conservative than their predecessors on issues such as abortion and the environment.