Which of the following statements about fiat money is correct?
a) Fiat money has intrinsic value.
b) Fiat money is not accepted as money.
c) Fiat money is legal tender by government decree.
d) Fiat money can only be electronic.
Ans: c) Fiat money is legal tender by government decree.
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Based on the production data for Pat's Pizza Parlor in the above table, the average product of labor when 4 workers are hired is ________ pizzas
A) 8 B) 10 C) 11.25 D) 45
Which of the following is NOT a way to signal high quality
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering an expensive engagement ring to your bride d. Doing messy chores before a big date
The reserves kept as cash in the vault of a commercial bank are considered its assets
a. True b. False Indicate whether the statement is true or false
Explain the following statement by Arthur Okun: "Insistence on carving the pie into equal slices would shrink the size of the pie. This fact poses the trade-off between economic equality and economic efficiency."
What will be an ideal response?