What is the essential characteristic of money?
A) It must be backed by some other tradable commodity.
B) It must be backed by gold or silver.
C) It must be accepted and used by people as a general medium of exchange.
D) It must be declared by government authority.
C
Economics
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Referring to Table 12.2, if the nominal interest rate is 3.5 percent and there is no inflation, which investments will be undertaken?
A) B, D, E B) D, E C) B, C, D, E D) C, E
Economics
Which of the following central banks does not have an explicit inflation target?
a. The Bank of England b. The Federal Reserve c. Swiss National Bank d. European Central Bank e. The Reserve Bank of India
Economics