The U.S. economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas

Fiscal policy is implemented primarily by

A) local governments alone. B) the defense department. C) state governments alone. D) the federal government. E) state and local governments.

Fiat money

A) has no or very little value except as money. B) is rarely used in modern economies. C) functions well only if can be redeemed for gold or other precious metals. D) serves well as a medium of exchange, but not as a store of value.