The wide acceptance of fiat money is determined by:
a. people's belief that it is worth something
b. the amount of precious metal that the government holds to back the money.
c. the money's market value as a commodity.
d. the rate of interest, which is the price paid to borrow money.
e. its ability to function as a unit of account.
a
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The process in which financial institutions accept savings from businesses, households, and governments and lend the funds to other businesses, households, and governments is called
A) central banking system. B) financial intermediation. C) moral hazard. D) adverse selection.
Which of the following is true?
a. Real federal spending per person was approximately 50 times higher in 1900 than 1800. b. Real federal spending per person grew more rapidly during the 19th century than during the 20th century. c. Real federal spending per person was approximately 60 times greater in 1990 than in 1916. d. Real federal spending per person has decreased significantly since 1964.
If you want to know the long-run equilibrium output of one perfectly competitive firm, and you are permitted to see only one curve, which one below is most helpful?
A. Demand B. Marginal Cost C. Average total cost D. Average Fixed cost E. Average Variable cost
Carl's Computer Center sells computers to business firms. Businesses then use the computers to produce other goods and services. Over the past year,
sales representatives were paid $3.5 million, $0.5 million went for rent on the building, $0.5 million went for taxes, $0.5 million was profit for Carl, and $10 million was paid for computers at the wholesale level. What was the firm's total contribution to GDP?