The fact that U.S. currency is legal tender means:
A. it cannot be backed by gold or other metals.
B. U.S. currency is good anywhere in the world.
C. private businesses in the U.S. and the U.S. government must accept currency for payment.
D. the only money the government will accept for settlement of debts is U.S. currency.
Answer: C
Economics
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The quantity of labor demanded definitely increases if the
A) supply of labor decreases. B) real wage rate falls. C) nominal wage rate rises. D) real wage rate rises. E) nominal wage rate falls.
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To achieve a $500 billion decrease in AD, if the MPC is 0.8, what decrease in government purchases would be called for?
a. $100 billion b. $400 billion c. $500 billion d. $625 billion
Economics