Paper money in the United States is
A. backed by gold in Fort Knox.
B. partially backed by gold and silver.
C. entirely fiat money.
D. fully convertible into gold at fixed prices.
Answer: C
You might also like to view...
How do auctions help in price discovery?
What will be an ideal response?
Refer to Table 19-13. Real GDP for Vicuna for 2013 using 2015 as the base year equals
A) $4,620. B) $5,100. C) $5,650. D) $5,850.
The large budget deficits of 2003 and 2006 meant that the federal government was borrowing upwards of $1.7 trillion over the four-year period. If that borrowing limits the ability of the private sector to get financial capital for its purposes, economists would call this
A. forcing aside. B. forcing in. C. crowding in. D. crowding out.
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.