To keep high inflation from eroding the value of money, monetary authorities in the United States:
A. Create token money that is less than its intrinsic value
B. Make paper money legal tender for the payment of debt
C. Establish insurance on checkable deposit accounts
D. Control the supply of money in the economy
D. Control the supply of money in the economy
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One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
A) the price of the good changes. B) the cost of producing the good changes. C) prices of substitutes in production change. D) supplier expectations about future prices change.
While the demand for beer is relatively price inelastic, the price elasticity of demand for a particular brand is relatively high, due in large part to availability of close substitutes
Indicate whether the statement is true or false