People accept fiat money because:
a. they can exchange it for gold whenever they want
b. they can sell the currency notes as a commodity as well.
c. the government backs its value with a promise.
d. they can consume it as a good if required.
c
Economics
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The calculation of the responsiveness of suppliers to changing prices is represented by
a. cross elasticity b. supply elasticity c. the supply coefficient d. long-run supply e. market-day supply
Economics
Bob works for a firm that produces umbrellas. He receives payment for his labor. The firm wants to expand but lacks the capital needed for the expansion. Bob, a person of some means, provides the capital. What market(s) are these payments made in?
a. illegal market b. goods and services market c. product market d. resource market e. umbrella market
Economics