Fiat money has value because:
a. it is backed by gold
b. it is divisible.
c. it can be used to buy things.
d. it can be exchanged for a commodity backing it.
c
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The figure above shows the U.S. demand and U.S. supply curves for cherries. In the absence of international trade, cherry farmers would receive ________ per pound of cherries
A) $2.50 B) $1.50 C) $2.00 D) $1.00 E) $0.50
Scarcity guarantees that
A) demands will exceed wants. B) wants will exceed demands. C) demands will be equal to wants. D) most demands will be satisfied.
Saving represents
A) a source of funds for business investment. B) a normal part of the circular flow of income and output. C) an injection to the circular flow of income and output. D) a counter-example to Say's law that the classical economists never considered.
The product of the stock price and the total outstanding shares of that stock is referred to as:
a. market capitalization. b. floating capital. c. book value. d. financial value. e. face value.