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Economics

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Doris Carter

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βˆ™ 2021-09-30 20:42:27
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Cards in this guide (21)
Which of the following most accurately explain why commodity money has value

Commodity money is a good that can be used as a medium of exchange or for some other purpose.

Which governmental organization currently serves as the central bank of the US

sloppy but crack

What problem did banks established by the National Bank Acts have

The Ability To Give Someone Back His Or Her Deposits.

What do board members of the Federal Reserve obtain their positions

They are appointed by the president and confirmed by the Senate.

What form of money has value only because the government says it does

representative money (A+)

-Emmy aka Hello Kitty

Fiat Money (A+)

-Hailey

Which factor of production is used by manufacturing firms for a physical location

land

What is the portion of the US Constitution that gives Congress the power to coin money commonly referred to as

Currency Clause

What is created to money serves as a standard to place value on goods and services

unit of account

Which economic theorists believed that overpopulation would cause labor to overwork the land

Thomas Robert Malthus believed that overpopulation would cause labor to overwork the land.

What is the purpose of antitrust laws and regulations

Ensure markets operate competitively.

Who oversees the operations of the Federal Reserve

board of directors

Which type of corporations are those owned by stockholders

private corporations

How is sales tax figured

It is a specified percentage of the tax base.

How are net exports calculated

by subtracting a country's imports by the exports

Which of these is not a benefit of using an assembly line to produce goods

it allows workers to only learn one task A+

Who elects the board members for a stock corporation

stockholders

What of these will happen if a country imports less than it exports

Net exports will be positive and will add to the calculation of GDP.

Which level of government is income tax imposed

Federal and State

Why were Quesnay's theories were based on a simple model of the economy which consisted of which classes

Landowners, Farmers, Businessmen and Craftsmen.

How long did the charter for the First Bank of the United states last

20 years

A firm is dependent on which of these to help it make decisions about production

consumer taste

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