Printing money was the main method the Union government used to finance the Civil War (1861–1865), and as a result the money supply in the North rose by a factor of 4
Indicate whether the statement is true or false
True
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In an oligopoly with a collusive agreement, the total industry profits will be smallest when
A) all firms comply with the agreement. B) one firm cheats on the agreement and the other firms do not cheat. C) all firms cheat on the agreement. D) the firms act as a monopoly.
Money serves as ________
A) a unit of account B) a store of value C) a medium of exchange D) all of the above E) none of the above
Explain why the expenditure multiplier is greater than 1
What will be an ideal response?
Cooperation among people in an urban, industrialized society
A) becomes more difficult as transaction costs increase. B) is dependent upon people having a detailed, specific knowledge of the wants and abilities of others. C) is impossible once the number increases beyond a few thousand. D) requires coordination by central-planning committees. E) will not occur unless most people approve of the goals and values of others.