The "gold-standard" is a system in which:
A) gold mining firms own the right to print currency.
B) people use gold as a medium of exchange.
C) paper currency is backed by gold.
D) gold is imported into the U.S. in exchange of paper currency.
C
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Which of the following will occur if the Fed buys $10 million of securities from the University National Bank?
A) The Fed will credit the University National Bank's deposit account with the Fed by $10 million. B) The Fed will debit the University National Bank's deposit account with the Fed by $10 million. C) The University National Bank has $10 million less in excess reserves. D) The University National Bank has $10 million more in securities.
As a result of a decrease in the price of online streaming movies, consumers download more movies online and buy fewer DVDs. This is an illustration of
A. consumer sovereignty. B. the income effect. C. diminishing marginal utility. D. the substitution effect.
On a linear demand curve, the lower the price,
A) the less elastic is demand. B) the more elastic is demand. C) the elasticity equals -1. D) the elasticity equals zero.