Checks are NOT money because they
A) are issued by banks, not by the government.
B) are merely instructions to transfer money.
C) have value in exchange but little intrinsic value.
D) are not backed by either gold or silver.
B
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A price floor
A) changes the equilibrium price if it is imposed in black markets. B) changes the price and quantity if it is set below the equilibrium price. C) changes the price and quantity if it is set above the equilibrium price. D) does not create a black market if it is set above the equilibrium price. E) changes the price and quantity only if it equals the equilibrium price.
In a world with no money, costs are expressed in terms of other goods. If one video game costs two hamburgers, and a hamburger costs three sodas, how many sodas would it take to buy a video game?
A) 6 B) 5 C) 3 D) 3/2