What is fiat money? Why is fiat money important in the United States today?
Fiat (from the Latin for "let it be done") money is money, which is decreed to be acceptable as payment, regardless of backing with gold, silver, or other precious metals. Money in circulation in the United States (and many other nations) today is almost entirely fiat money. Fiat money has value as long as people are willing to accept it as payment for goods and services.
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Why did Communist governments use a command economic system for many years?
a. as a way to avoid the expense and difficulties of a free market b. as a method of keeping consumers from getting what they wanted c. to limit the costs of production of many goods d. in an attempt to create a society in which everyone was equal
A prisoner's dilemma is a situation in which
a. a change in marginal cost may not lead to a change in price b. a firm's competitors follow a price increase but ignore a price decrease c. oligopolists behave irrationally d. oligopolists attempt to maximize sales rather than profits e. an oligopolists demand curve may become perfectly inelastic