Commodity money
A) has value independent of its use as money.
B) has little to no value independent of its use as money.
C) can be used to purchase commodities, but not services.
D) is backed by a valuable commodity such as gold.
A
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Which of the following is a potential monetary policy instrument for the Fed?
A) federal funds rate B) loanable funds C) inflation rate D) profit rates E) real interest rate
The increase in total output that results from a unit increase in one unit of a variable input is equal to the input's:
a. total product. b. marginal product. c. average product. d. marginal cost.
A recession can best be defined as a period of time in which
a. total output of the economy falls. b. total output of the economy rises very slowly. c. total unemployment falls. d. total international trade fails to rise. e. Both a and c
Which of the following is true of inflation?
a. It is an increase in the general price level of goods and services. b. The purchasing power of money increases as the result of inflation. c. Inflation is similar to interest payments on future money income, such as pensions and receipts from outstanding loans. d. Inflation has no effect on real resources.