An example of a good that can be used for money that has no intrinsic value is:
A. gold.
B. paper dollar bills.
C. cigarettes.
D. Hershey kisses.
B. paper dollar bills.
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“Equilibrium” is a situation in which there are no inherent forces to produce change.
Answer the following statement true (T) or false (F)
The major component of federal government consumption is spending on ________
A) Social Security, Medicare and Medicaid B) foreign aid C) capital goods, e.g. highways and schools D) national defense
A "banker's bank" is another name for
A) a financial intermediary. B) a government bank. C) a central bank. D) the Federal Depository Insurance Agency.
When externalities exist, economic efficiency is achieved when marginal private benefit equals marginal private cost
a. True b. False Indicate whether the statement is true or false