Federal Reserve notes function effectively as money in the United States today because
What will be an ideal response?
everyone is willing to accept them in exchange for other valuable goods.
You might also like to view...
A decrease in the government budget deficit decreases the ________ loanable funds and an increase in the government budget surplus increases the ________ loanable funds
A) demand for; demand for B) demand for; supply of C) supply of; demand for D) supply of; supply of
The contention that domestic unions tend to want to restrict foreign competition with tariffs is
A) a national defense concern. B) the infant industry argument. C) dumping. D) to protect domestic jobs.
Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. What is the opportunity cost of repairing one car to Bill?
a. 10 toys b. 8 toys c. 16 toys d. 12 toys e. 4 toys
Measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be .5. What would the price elasticity of demand be if the economist had chosen to measure the price of gasoline in pennies rather than dollars?
A. .5 B. 50 C. .005 D. .05