We expect the price elasticity of supply to be

Which of the following information about fiat money is false? Fiat money

A) has little to no value except as money. B) is backed by gold. C) is authorized by a central bank or governmental body. D) serves as a medium of exchange.

Extremely cold winter weather has destroyed oranges in Florida. The freeze has caused

A) scarcity because there are less oranges now than people want. B) scarcity because people have to switch to other types of citrus fruits. C) a shortage because people cannot obtain as many oranges as they wish to buy at the pre-freeze price. D) a shortage because the orange growers will have less income.