Money that has value apart from its use as money is called
A) fiat money.
B) currency.
C) convertible paper money.
D) commodity money.
Ans: D) commodity money.
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Opportunity cost:
a. applies only to consumption decisions. b. applies only to production decisions. c. is the same as monetary costs. d. exists because of scarcity. e. is irrelevant for wealthy economies.
Which of the following are necessary characteristics of a monopoly? (i) The firm is the sole seller of its product. (ii) The firm's product does not have close substitutes. (iii) The firm generates a large economic profit. (iv) The firm is located in a small geographic market
a. (i) and (ii) only b. (i) and (iii) only c. (i), (ii), and (iii) only d. (i), (ii), (iii), and (iv)
The consumer price index is calculated by the:
A. National Bureau of Economic Research. B. Congressional Budget Office. C. Social Security Office. D. Bureau of Labor Statistics.
Suppose Country A collectively enjoys monopsony power in Good X. If Country A imposes a tariff on the imports of Good X, the world price of Good X will
A. remain unaffected. B. rise. C. become equal to the tariff-inclusive price in Country A. D. fall.