Money that is backed solely by a government decree is referred to as fiat money.
Answer the following statement true (T) or false (F)
True
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________ refers to the reduction in economic surplus resulting from not being in competitive equilibrium
A) Marginal cost B) Producer atrophy C) Deadweight loss D) Economic shortage
If the MPC is 0.75 and the tax rate is 10%, the expenditure multiplier will equal
A) 0.48. B) 1.48. C) 3.08. D) 3.6.
The government protects rights in a market economy by providing national defense, a court system, and a well-functioning political system
a. True b. False
If no foreign companies produce in a country, but many of the country's companies build products in foreign countries, then it is safe to say that _____.
(A) The country's GDP and GNP are equal. (B) The country's GDP is greater than its GNP. (C) The country's GDP is equal to its national income. (D) The country's GNP is greater than its GDP.