Under the Coinage Act of 1792:
a. gold coins contained more metal than silver coins of the same denomination.
b. silver coins contained more metal than gold coins of the same denomination.
c. gold coins contained about the same amount of metal as silver coins of the same denomination.
d. gold coins were minted only in high denominations and silver coins were minted only in low denominations.
b. silver coins contained more metal than gold coins of the same denomination.
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A health club requires six-months advanced payment. A commuter railroad offers discounted monthly tickets. What do they clearly have in common?
A) They are earning profits. B) They are selling short. C) They are exploiting customers. D) They are facing financial problems.
If individuals have money illusion then they
A) think that money is worthless. B) ignore the effects on their income or wealth of some price changes in the economy. C) they base their production and consumption decisions on relative rather than absolute prices. D) Both B and C.