The goldsmith's ability to create money was based on the fact that
A. withdrawals of gold tended to exceed deposits of gold in any given time period.
B. consumers and merchants preferred to use gold for transactions, rather than paper money.
C. the goldsmith was required to keep 100 percent gold reserves.
D. paper money was rarely redeemed for gold.
D. paper money was rarely redeemed for gold.
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The Coase Theorem states that the public sector can achieve environmental efficiency, as long as property rights are clearly assigned
a. True b. False Indicate whether the statement is true or false
Nominal gross domestic product is based on the existing prices at which final goods are actually sold
a. True b. False Indicate whether the statement is true or false
Find the efficient output level for this market.
The market for a chemical pesticide can be modeled as given below, where Q is measured in thousands of pounds: MSB = 20 – 0.4Q MPB = 20 – 0.3Q MSC = MPC = 12 + 0.1Q
Economists consider tariffs to be
a. necessary for the protection of domestic industries and the achievement of full employment. b. harmful to domestic consumers. c. obstacles that hinder voluntary exchange and gains from trade. d. both b and c above