Money is
a. only assets such as gold and silver
b. only fiat in nature
c. anything that is generally accepted as a means of payment
d. acceptable as a means of payment because the government guarantees that it must be
e. only those things backed by gold
C
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Government intervention can increase total welfare when
A) there are costs or benefits that are external to the market. B) consumers do not have perfect information about product quality. C) a high price makes the product unaffordable for most consumers. D) all of the above E) A and B only
You want to run a difference-in-difference experiment with a price increase for the bacon cheeseburger item on your menu. If you are worried about the "representativeness" with your control group, a poor comparison menu item would be
a. soft drink sales b. the bacon burger without cheese c. the bacon-lettuce-and-tomato sandwich d. the regular cheeseburger
A rise in net exports shifts the aggregate
a. demand curve inward. b. demand curve outward. c. supply curve outward. d. supply curve inward.
Country A has a large pool of skilled workers earning $50 per hour and a small pool of unskilled workers earning $18 per hour. Country B has a small pool of skilled workers earning $60 per hour and a large pool of unskilled workers earning $8 per hour. Trade theory predicts that if A and B engage in international trade with each other,
a) real wages paid to skilled workers will fall in A b) unskilled wages will become more unequal between A and B c) real incomes will become more equal within B d) the wages of unskilled workers in B will fall e) wages to all workers in both countries will rise