The U.S. fiduciary monetary system
A) is the one agency responsible for providing coins and paper currency.
B) is one where money is not convertible to a fixed quantity of gold.
C) puts capital controls in place.
D) controls the private banking system.
B
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Because leisure is a normal good, an increase in the wage rate will result in
A) an increase in the quantity of labor supplied because of the substitution effect. At low wages the income effect causes an increase in the quantity of labor supplied, but at high wages the income effect causes a decrease in the quantity of labor supplied as the wage rises. B) an increase in the quantity of labor supplied because of both the substitution effect and the income effect. C) a decrease in the quantity of labor supplied because of the substitution effect and an increase in the quantity of labor supplied because of the income effect. D) an increase in the quantity of labor supplied because of the substitution effect and a decrease in the quantity of labor supplied because of the income effect.
Which of the following statements best summarizes why buffalo almost became extinct during the 1800s?
a. Hunters from the East refused to respect the buffalo as the American Indians did. b. Demand for buffalo meat was high in Eastern markets. c. No one owned a buffalo until it was killed. d. Buffalo do not run away upon hearing rifle shots.