-In the Above Figure, If the Economy Is at Point

question 354

Multiple Choice

-In the above figure, if the economy is at point a, an increase in ________ will move the economy to ________.

• A) real wealth from the fall in the price level; point b
• B) real wealth from the fall in the price level; point c
• C) expected future income; point c
• D) expected future income; point d

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Definitions:

Legal Tender

Currency that is officially recognized by a governmental authority as acceptable payment for debts.

Legal Tender

Currency that must be accepted if offered in payment of a debt, as decreed by a country's government.

Exact Tender

The requirement for a payment in the precise amount owed, without needing change.

Customary

Practices or actions that are accepted and expected within a particular community or society, based on traditions or long-standing use.