Fiat money has
A) little to no intrinsic value but is backed by the quantity of gold held by the central bank.
B) little to no intrinsic value and is authorized by the central bank or governmental body.
C) value, because it can be redeemed for gold by the central bank.
D) a great intrinsic value that is independent of its use as money.
B) little to no intrinsic value and is authorized by the central bank or governmental body.
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An agreement with another country in which it agrees to import more from the United States is called a
A) VRA. B) VIE. C) VAR. D) VAT.
Which of the following people would be considered structurally unemployed?
a. A computer operator who loses his job due to obsolete job skills b. A landscaper who loses her job in the winter c. A construction worker who cannot work due to rainy weather d. A college graduate entering the labor force for the first time e. An auto worker who is laid off due to a drop in the demand for a certain type of car
The CPI is calculated by
A. summing the prices of all consumption goods in the economy. B. multiplying the rate of inflation in the economy times the unemployment rate. C. surveying a group of consumers and asking them about their monthly expenditures on necessities. D. pricing a basket of goods and services purchased by a typical urban household.
At the ________ level of provision for a ________ good, the government must know everyone's preferences.
A. optimal; public B. optimal; private C. unregulated; public D. unregulated; private