The type of currency in circulation in the modern U.S. economy is almost entirely
A. commodity money.
B. metallic money.
C. fiat money.
D. silver certificates.
Answer: C
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What best explains why real GDP per person is always driven to the subsistence level in the classical model?
A) Population growth occurs, increasing the supply of labor. B) Population growth occurs, shifting the labor supply curve leftward. C) Growth is not possible so the demand for labor never changes. D) Investment in capital decreases labor demand, decreasing the demand for labor.
In a market with a bilateral monopoly:
A) there is a single buyer and a single seller. B) there are many buyers and a single seller. C) there is a single buyer and few sellers. D) there are a few buyers and many sellers. E) there are a few buyers and a few sellers.
Modern inventions, like the Internet or discoveries in genetics or materials science, seem to provide smaller gains to output than earlier inventions like the steam engine or the railroad
a. True b. False Indicate whether the statement is true or false
Our trade balance in merchandise is ________ and our trade balance in services is __________.
A. positive; positive B. negative; negative C. negative; positive D. positive; negative