According to Gresham's Law,
a. inflation and unemployment are inversely related.
b. tax rates and tax revenues are inversely related.
c. bad money drives out good money.
d. inflation is inevitable in the long run.
c. bad money drives out good money.
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Refer to the scenario above. Which of the following will be true if Alice stops the auction at $30,000?
A) She will earn zero consumer surplus. B) She will earn a consumer surplus of $5,000. C) She will earn a consumer surplus of $30,000. D) She will earn a consumer surplus of $16,000.
The above table shows a short-run production function for Albert's Pretzels. The marginal product of labor
A) rises then falls as the amount of capital increases. B) falls then rises as the amount of labor increases. C) is greater than or equal to the average product of labor for all amounts of labor. D) is less than or equal to the average product of labor for all amounts of labor.