The Type of Currency in Circulation in the Modern U

question 209

Multiple Choice

The type of currency in circulation in the modern U.S.economy is almost entirely

• A)commodity money.
• B)metallic money.
• C)fiat money.
• D)silver certificates.

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Definitions:

Consumer Surplus

The contrast between the expected payment by consumers for a good or service and the actual price paid.

Market Supply

The total quantity of a good or service that producers are willing and able to sell at various prices during a given time period.

Market Demand

is the total amount of a product or service that consumers in a market are willing and able to purchase at different prices, during a certain time period.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is unattainable.