Money is legal tender if:
a. people willingly accept it in payment of debts.
b. it is backed by gold or silver
c. it is commodity money.
d. the government says it is.
e. it is in a bank account.
d
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Mary Green takes a summer course in London, England. She doesn't buy British pounds at the U.S. airport, where the rate is 1 pound = $1.60 . Upon arrival in London, she finds that she can buy pounds for $1.65 each. Which of the following is true?
a. Green would have been better off if she had bought pounds in the United States where U.S. dollars were cheaper. b. Green would have been better off if she had bought pounds in the United States where pounds were less expensive. c. The pounds were more expensive in London because a currency is always most valued in its home country. d. The pounds were more expensive in the United States because they are less available there. e. It doesn't matter where she buys the pounds, since she can't use U.S. money anyway once she's in England.
Which of the following are the elements generally found in an inflation gap?
a. producing beyond normal capacity; high unemployment, high wages; low prices b. producing beyond normal capacity; low unemployment, high wages; high prices c. producing below normal capacity; high unemployment, high wages; high prices d. producing below normal capacity; low unemployment, low wages; high prices
If the free market is called upon to provide public goods, then:
A. there will more public goods provided than is optimal. B. there will be fewer public goods provided than is optimal. C. the market will provide the optimal number of public goods. D. the market price will be correct, and the optimal amount of output of public goods will be produced.
The key feature of an oligopolistic market is that
a. each firm takes the market price as given. b. a single firm chooses a point on the market demand curve. c. a small number of firms are acting strategically. d. each firm produces a different product from other firms.