Which of the following is an example of fiat money?
A. Gold
B. Paper dollars
C. Solid silver coins.
D. None of the above is correct.
Answer: B
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A rising inflation rate tends to injure the following types of people:
A) retirees and students with savings accounts. B) borrowers and homeowners. C) homeowners with mortgages and students with student loans. D) landowners and borrowers.
Regardless of quantity in long-run equilibrium, the industry price cannot exceed the
A. long-run average cost of supplying that quantity. B. total variable cost of supplying that quantity. C. long-run total cost of supplying that quantity. D. minimum long-run marginal cost of supplying that quantity.
According to the above table, national income is
A. $10,646 billion. B. $13,271 billion. C. $10,770 billion. D. $11,917 billion.
What is meant by the term "free market"?
What will be an ideal response?