Which of the following is an example of commodity money?
a. Rare baseball cards
b. Euros
c. Stocks
d. The gold standard
d
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An organic farm sells tomatoes for 50 cents each at the local farmers market. It only cost them (in the accounting measure) 5 cents to produce each tomato. What happens to GDP with the sale of each tomato?
A) It increases by 5 cents. B) It increases by 45 cents. C) It increases by 50 cents. D) It increases by 55 cents. E) It remains unchanged because organic farmers try not strive for profit.
Negative income tax plans have the advantage of increasing work incentives in comparison to existing welfare programs without work incentives
a. True b. False Indicate whether the statement is true or false
In comparing the changes in actual budget surplus and the structural surplus between 1993 and 1999, it is clear that the
a. actual surplus rose less than the structural surplus. b. actual surplus and the structural surplus rose about the same. c. actual surplus rose much more than the structural surplus. d. tax increases of 1993 decreased the structural surplus more than they decreased the actual surplus.
Steve borrowed some money from Summit Bank, telling the loan officer that he intended to use the money to remodel his restaurant. After getting the loan, Steve and his girlfriend immediately took the money and went gambling in Vegas
a. This is an example of adverse selection since banks have difficulty selecting their customers. b. This example does not involve asymmetric information. c. From the given information, Steve is the principal and Summit Bank is the agent. d. None of the above are correct.