Currencies that are not backed by precious metals of equal value are called:

If persistent inflation was due to declines in long-run aggregate supply, what pattern would be observed?

A) Only prices of services would increase; prices of goods would remain constant. B) Increases in the price level would occur simultaneously with increases in real GDP. C) Increases in the price level would occur simultaneously with decreases in real GDP. D) Only prices of goods would increase; prices of services would remain constant.

Refer to the scenario above. If Alice wins the auction, the seller earns an average revenue of ________

A) $30,000 B) $25,000 C) $24,000 D) $36,000