The initial development of paper money began when people used ____ as payment for goods and services
a. credit cards
b. commodity money
c. goldsmith receipts
d. gold bullion
e. gold coins
c
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess demand of money which will cause the interest rate to ________
A) right; fall B) right; rise C) left; fall D) left; rise
Which of the following can be categorized as a commodity money standard?
a. The pegged exchange rate standard b. The free float standard c. The managed float standard d. The reserve currency standard e. The gold standard
Among non-Hispanic whites, blacks, and Hispanics, the group with the highest poverty rate is ______.
Fill in the blank(s) with the appropriate word(s).