Paper money helped colonists pay soldiers for services provided when specie was not available. This money was fiat money; it did not possess specie backing
Indicate whether the statement is true or false
True
Economics
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If the required reserve ratio is 20 percent and the Fed buys a $10,000 security from a depository institution that currently has no excess reserves, the money supply: a. decreases by $10,000. b. increases by $5,000
c. decreases by $5,000. d. increases by $50,000. e. decreases by $50,000.
Economics
A profit-maximizing monopsonist will hire workers up to the point at which
A. MRP = MFC. B. W = MRP = MFC. C. W = MRP. D. W = MFC.
Economics