Paper currency that could be redeemed for a specific quantity of an underlying commodity is called
A) commodity money.
B) fiat money.
C) representative commodity money.
D) Federal Reserve cash.
C
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Explain how an increase in the public's taste towards less leisure would affect the labor market, the production function, and aggregate output. Provide graphs to illustrate
What will be an ideal response?
Monopolies are discouraged in the United States because
A) they are more efficient than other industries. B) they can produce at lower cost in the short run. C) they restrict output and boost prices. D) they hire too many workers.
100 percent reserve banking refers to a situation in which banks' reserves equal 100 percent of their:
A. income. B. loans. C. deposits. D. profits.
If the U.S. system of unemployment insurance did not exist, one would predict that
A. workers would never become unemployed. B. workers in jobs that face seasonal cycles of unemployment would be paid higher wages. C. no worker would accept a job that is associated with seasonal unemployment. D. workers who became unemployed would remain unemployed for longer durations. E. seasonal unemployment would cease to exist.