Currency in the United States today is
A) fiat money.
B) intrinsic money.
C) backed by gold.
D) quasi- intrinsic.
Answer: A) fiat money.
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The Patient Protection and Affordable Care Act will require
a. health insurers to provide coverage to applicants regardless of prior health conditions. b. all Americans to purchase an approved health insurance policy or pay a tax-penalty for failing to do so. c. employers with more than 50 full-time employees to either provide approved health insurance for their employees or pay a fine for the failure to do so. d. all of the above.
The economy of Omega operates according to Okun's law. In Omega, the actual and the natural rates of unemployment equal 5 percent, and real GDP equals $10 trillion. What is potential GDP in Omega?
A. $10.5 trillion B. $9.5 trillion C. $9.0 trillion D. $10.0 trillion
Moving between two points on a PPF, a country gains 8 desktop computers and forgoes 4 laptop computers. The opportunity cost of 1 desktop computer is
A) 4 laptops. B) 1/2 of a lapto
Moving along the production possibilities frontier itself illustrates
A) the existence of tradeoffs. B) the existence of unemployment of some factors of production. C) the benefits of free lunches. D) how free lunches can be exploited through trade. E) how tradeoffs need not occur if the economy is efficient.