____ is an object in use as a medium of exchange, but which also has a substantial value in alternative uses.
A. IOU
B. Commodity money
C. Fiat money
D. Deposit certificate
Answer: B
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John Maynard Keynes referred to economics as an easy subject,
a. at which very few excel. b. but not as easy as philosophy or the pure sciences. c. which very few can enjoy. d. which deals primarily with common sense.
If a government wants to maximize revenues from a tax, it should
A) impose it on sellers. B) impose it on consumers. C) choose a good with a relatively elastic demand. D) choose a good with a relatively inelastic demand.
One cause of market failure may be the absence of clearly defined property rights
a. True b. False Indicate whether the statement is true or false
Which of the following offers a good example of a perfectly competitive market?
a. The market for postal services in the U.S. b. The market for luxury cars in the U.S. c. The market for water and sewer services in most U.S. towns and cities d. The market for basic commodities such as wheat, corn, and livestock