In the United States, the purchasing power of money is determined by:
a. the underlying precious metals that back each unit of currency.
b. the value of U.S. treasury bonds that back each unit of currency.
c. its acceptability.
d. Congress, which controls the money supply.
c
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Labor force productivity has increased from $30 per hour to $32 per hour over the past year. This could result from
A) an increase in real GDP with no change in the aggregate hours or a decrease in aggregate hours with no change in real GDP. B) only an increase in real GDP. C) an increase in population. D) an increase in the labor force participation rate. E) only a decrease in aggregate hours.
Ever since the creation of the interstate highway system, the railroads have had to compete with trucks for freight shipments. Union Pacific, the nation's largest railroad, now offers door-to-door services to clients, using their own trains and trucks. This must be the result of:
a. horizontal merger. b. vertical merger. c. conglomerate merger. d. deregulation. e. high fuel prices.