_________the principle that "cheap money drives out dear money"; given an alternative, people prefer to spend less valuable money
A. law of demand
B. diminishing marginal returns
C. Gresham's law
D. gold standard
Answer: C. Gresham's law
You might also like to view...
In perfect competition, firms enter the market whenever the market price exceeds the minimum average variable cost
Indicate whether the statement is true or false
By 1964, nearly all blacks outside the South were covered by laws that allowed the government to issue cease and desist orders against discriminating firms. According to recent research by William Collins, these laws
a. were successful in improving the wages and working conditions of all African-Americans. b. were successful in improving the wages and working conditions of only Southern African-Americans. c. led to lower wages and deteriorating working conditions for African-Americans. d. had some success in improving the wages and working conditions of African-American women.
When people are deciding whether to deposit money in a bank:
A. everyone will respond exactly the same to any given interest rate. B. some people will require a higher interest rate to deposit the same amount of money. C. people don’t accurately account for the risk of losing savings. D. they will deposit the same amount in response to any given interest rate.
Government ownership of property and resources in the United States is
a. about as common as it is in European countries. b. widespread; the United States is a leader in the amount of government ownership of resources. c. relatively rare; the United States is mostly privatized. d. rare, but has been increasing rapidly as the United States catches up to other countries.