Federal Reserve notes are _____
a. checks
b. commodity money
c. coins
d. backed by gold
e. fiat money
e
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The funds used to buy and operate physical capital are
A) depreciation. B) financial capital. C) saving. D) wealth.
The table above shows the PPF of an island community. This community's opportunity cost of producing 1 pound of fish ______
A. is the increase in the quantity of berries gathered as the quantity of fish increases by 1 pound B. increases as the quantity of berries gathered increases C. is 10 pounds of berries if the quantity of fish increases from 2 to 3 pounds D. increases as the quantity of fish caught increases
When a temporary shock in the economy involves a restriction in supply ________
A) we refer to it as a negative supply shock B) a rise in commodity prices typically follows C) a reduction in output typically ensues D) all of the above E) none of the above
When U.S. residents buy products that were made in Japan, then ultimately the Japanese want
A) yen. B) dollars. C) Japanese goods. D) goods, including U.S.-made goods.