Which is true?
a. M1 has been decreasing over the past six months
b. The US dollar has value because it is accepted as payment for goods and services
c. the US dollar is backed by US gold reserves
d. all
Answer: b. The US dollar has value because it is accepted as payment for goods and services
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If aggregate output is above its equilibrium level ________
A) there is an excess supply of goods B) actual output is below planned expenditure C) firms will tend to replenish their low inventories driving output up toward equilibrium D) all of the above E) none of the above
A monopolist has a strong incentive to advertise
Indicate whether the statement is true or false
The long-term trend in the United States is for markets to become more oligopolistic over time
Indicate whether the statement is true or false