Fiat money
a. has no intrinsic value.
b. is backed by gold.
c. is a medium of exchange but not a unit of account.
d. is any close substitute for currency such as checkable deposits.
a
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Which of the following would be inconsistent with the notion of a competitive market process and the notion of perfect competition?
A) Price searching behavior B) Predatory pricing C) Advertising D) Licenses and other legal restrictions on entry E) Hostile takeovers
In the above figure, Sheryl's monthly budget line for movies and plays shifted, as shown. The shift in the budget line is parallel, so the shift might be because
A) the price of a movie fell and nothing else changed. B) the price of a play fell and nothing else changed. C) Sheryl's income decreased and nothing else changed. D) Sheryl's income increased and nothing else changed.