Which of the following information about fiat money is false? Fiat money
A) has little to no value except as money.
B) is backed by gold.
C) is authorized by a central bank or governmental body.
D) serves as a medium of exchange.
B
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Credit card balances are not considered to be money primarily because they
A. are not part of people's wealth. B. are an asset used in making transactions. C. are rarely used to make purchases. D. do not represent an obligation to pay someone else.
Competing-interest legislation is legislation that
a. imposes benefits on only a few individuals but imposes costs on many people b. imposes both benefits and costs on relatively few individuals c. imposes benefits on many individuals but imposes the costs on relatively few people d. imposes both benefits and costs on many individuals e. imposes costs only on those individuals who are rationally ignorant
Which of the following would cause prices to fall and output to rise in the short run?
a. Short-run aggregate supply shifts right. b. Short-run aggregate supply shifts left. c. Aggregate demand shifts right. d. Aggregate demand shifts left.
When Korean firms sold VCRs in Korea at a higher price than they did in Europe, this illustrates dumping due to:
A. predatory pricing. B. avoidance of environmental laws. C. price discrimination. D. retaliatory trade practices.