The currency of the United States is
a. backed dollar for dollar by gold
b. backed dollar for dollar by GDP (that is, by goods)
c. not backed by anything (neither gold nor fool's gold)
d. backed by the government's currency reserves in the vaults at Fort Knox
e. backed by gold only for coin, not for paper bills
C
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Because of unseasonably cold weather, the supply of oranges has substantially decreased. This statement indicates the:
A. demand for oranges will necessarily rise. B. equilibrium quantity of oranges will rise. C. amount of oranges that will be available at various prices has declined. D. price of oranges will fall.
All factors of production usually experience:
A. decreasing average variable cost. B. diminishing marginal productivity. C. decreasing average fixed costs. D. diminishing total productivity.