What is the connection between the gold held at the Fort Knox Bullion Depository in Kentucky and the U.S. money supply?
What will be an ideal response?
Although under the gold standard all U.S. paper money had to be backed by gold, today the gold at Fort Knox has no connection to the U.S. money supply since modern currencies like the U.S. dollar are fiat money.
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Which of the following about IS relation is not correct?
A) It is the the relation between interest rate and savings. B) It is the equilibrium condition for the goods market. C) It stands for "Investment equals saving." D) It shows what firms want to invest must be equal to what people and the government want to save.
Which of the following accounted for the highest percentage of federal government spending in 2013?
a. net interest on the national debt b. income security c. national defense d. education and health