In the World View on Gold Prices and Gold Mining

question 72

Multiple Choice

In the World View on gold prices and gold mining,

• A) As the price of gold rises, the quantity supplied falls.
• B) As the price of gold increases, there is an increase in quantity supplied, indicating that supply is elastic.
• C) Miners around the world have had difficulty finding additional sources of gold, indicating that the elasticity of supply is inelastic.
• D) Miners have found new supplies of gold, indicating that the demand for gold is inelastic.

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Definitions:

Money Supply

The total amount of monetary assets available in an economy at any given time, including cash, coins, and balances held in checking and savings accounts.

Credit Cards

Financial instruments that allow holders to borrow funds to pay for goods and services with the expectation of repaying the loan with interest.

Debit Cards

Plastic payment cards that allow users to make transactions by deducting money directly from their checking account, rather than incurring debt like a credit card.

Money

A medium of exchange that is widely accepted in transactions for goods and services, acting as a unit of account, a store of value, and sometimes, a standard of deferred payment.