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Maria has to choose between driving and taking a train to destination A. Traveling by train will cost her $400 and will take 4 hours. Driving to destination A takes 6 hours, and the required amount of gasoline costs $250. Her opportunity cost of time is $15 per hour.
-Refer to the scenario above.What is the total cost involved if Maria chooses to travel by train?
Federal Reserve Notes
The official currency issued by the Federal Reserve System in the United States, commonly known as dollars.
Fiat Money
Money not redeemable for any commodity; its status as money is conferred initially by government decree but eventually by common experience.
Fiat Money
Currency that has value and is legally recognized for transactions solely because of a government decree, without backing by a physical commodity.
Fractional Reserves
A banking system in which banks hold a fraction of their depositors' funds in reserve, lending out the remainder to earn interest.
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