The shortage of precious metals or coins provided colonists with incentives to find alternatives. These alternatives included everything listed below except
(a) Teeth
(b) Country money
(c) Fiat money
(d) Bills of credit
(a)
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Demand for a product is given by Q = 100 - P and supply is given by Q = P - 10. If the quantity demanded rises by 10 units at every possible price, then the equilibrium price will
a. increase by $5 b. increase by $10 c. decrease by $5 d. increase by $7.50
Insurance companies provide higher insurance premiums to plans with lower deductibles as a way of:
A. screening between types of drivers. B. avoiding moral hazard. C. reducing the lemons problem. D. optimizing information acquisition.
Refer to Figure 9.5. The firm is producing Q units. Which area represents revenue?
A. ABCDE
B. CHGD
C. EDGF
D. ABHF
Which of the following will lead to a decrease in aggregate demand in the United States?
a. a higher price level b. a decrease in the real interest rate c. rapid growth in real income in Japan and Western Europe d. an increase in the exchange rate value of the dollar