What is fiat money?
What will be an ideal response?
Fiat money is objects that are money because the law declares them to be money. Today's money is fiat money. In past times, money used to be items, such as salt or gold, that had an intrinsic value, that is, a value of their own outside of their role as money.
Economics
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Refer to Table 5.4. If at Job B the $20 outcome occurs with probability .2, and the $50 outcome occurs with probability .8, then in absolute value
A) Y = Z = $6. B) Y = Z = $24. C) Y = Z = $35. D) Y = $24; Z = $6. E) Y = $6; Z = $24.
Economics
Entry and exit are long-run investment decisions.
Answer the following statement true (T) or false (F)
Economics