One of the potential social benefits of the Bitcoin is:
a. It can be used instead of a domestic currency in times of financial stress and exchange rate controls.
b. It can free individuals from harmful monopoly currencies.
c. It can be programmed to increase at a rate that guards against over-issuance.
d. All of the above are true.
.D
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For deflation to occur,
A) national income must decrease. B) real GDP must decrease. C) the price level must decrease. D) nominal GDP must decrease.
Refer to the figure above, which shows domestic supply and demand. If P1 is equal to P2 (the world price) plus a tariff, then the social loss from the tariff is equal to
A) a + c B) b C) P1 ( Q3 - Q2 ) D) P2 [(Q2 - Q1 ) + (Q4 - Q3 )] E) a + b + c
The laws of contracts and their enforceability in court determine the range of transactions that we will find it worthwhile to undertake
Indicate whether the statement is true or false
One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. people substitute between goods. B. quality has remained steady. C. the underground economy (unreported and illegal income and sales) is not counted. D. things produced by people under 18 are not counted.