The gold standard: must be established before a country can adopt a fixed exchan

Question

The gold standard: must be established before a country can adopt a fixed exchange-rate system, refers to the backing of currency in circulation by an equivalent amount of gold or other precious metal was used in the industrialized world including the U.S. at the beginning of the twentieth century, but was phased out in the U.S. in 1971. both and are correct both and are correct Commodity money: has no inherent value as a commodity or asset. tends to have little durability. has an intrinsic use value has rarely been used in the past looks like any other form of money. Which of the following individuals would benefit from unexpected inflation? A homeowner paying an adjustable rate mortgage A worker whose union contract specifics annual wage increases over the next four years. A consumer paying off a credit card whose interest rate changes when the rate of inflation changes. A homeowner paying off a fixed rate mortgage Lowering the discount rate: entourages banks to make more risky loans. encourages banks to borrow excess reserves from the Fed so that they will make more loans. discourages banks from making more consumer loans. is the opposite of charging a premium. has no effect on the money supply. In 2012, Congress debated whether to extend the temporary payroll tax cut for another year. This policy would be an example of: An automatic stabilizer Monetary policy Discretionary fiscal policy Open market operations Nominal income is The average amount of a paycheck. The nonnative amount that a worker should be paid. The dollar value of pay before being adjusted for inflation. The purchasing power of income. The maximum amount a worker can be paid during a recession. Income tax receipts tend to during an economic expansion because. Remain unchanged, incomes fall Rise, incomes rise Fall; incomes fall Rise; incomes fall Fall, incomes rise Fiat money is universally accepted in exchange: Solely because of its usefulness and acceptability in exchange and by guarantees by a central government. solely because it has precious metals to back it up only because it has intrinsic value as a commodity. only because it can be convened to other forms of money. solely because it is declared so by tradition.

Explanation / Answer

24.
E. both b and c are correct

25.
C has an intrinsic use value

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