What three fundamental questions must all societies answer in order to be successful?
Societies must answer three important economic questions in order to manage scarce resources. – How should these goods or services be made? These goods and services are consumed by who?
Which best describes what occurs in the product market?
the exchange of goods or services for money. The exchange of goods or services takes place in the product market.
Which best describes what injector factors bring?
Responding to the question, money can be the best injector factor for an economic system. Injection is when money is introduced into an economy through investment, exports, and government spending.
Which best describes what is represented in the business cycle model?
Macroeconomics trends are represented in the business cycle model.
Which best describes why taxes and savings?
This best describes why savings and taxes are considered leakage factors. They drain money from the economy. What happens when equilibrium is reached in microeconomics? What does long-term equilibrium tell us about a society?
Why are imports considered a leakage factor?
Explanation: Leakage factors refer to means by which money and resources leave the economic system of the country. Because imports involve the purchase of goods from foreign producers, and payment to these producers, leakage factors are in effect.
How do you calculate total leakage?
This last equation shows that equilibrium can be achieved by equating injectables I +G + X with leakages S+ T + M. Moreover, injections must equal leakages S+ T + M=S + I + G+ X.
Why is tax a leakage?
taxation can be referred to as a leakage. It is a way to spend money outside of the market, thereby creating a gap in supply and demand. Taxes take income out of the economy. Taxation can cause a leakage in the closed system of a local marketplace.
How does supply behave in long run?
How does the supply function over time? Output remains constant. The supply is determined by the production costs and the demand is determined based on the product’s need.
What kind of money is a gold certificate considered to be?
A gold certificate is a document that claims a specific amount or value in gold. Gold certificates were legal tender when the U.S. dollar was linked to the gold standard. They had a face value of $1 in U.S. Dollars.
What is a $20 gold certificate worth?
The small size $20 gold certificate was only issued for 1928. This bill, like other twenty-dollar bills from the same year shows Andrew Jackson’s portrait in the middle. Circulated examples sell for around $60, high grade specimens are worth a multiple of that price.
Are US gold certificates still legal tender?
Although gold certificates have been discontinued and cannot be redeemed in gold, they are legal tender. The Treasury Department or any other financial institution can redeem the notes that you have. However, the redemption will take place at the note’s face value.
How much is a gold certificate $10 bill worth?
Series of 1928 $10 gold certificates are very common. Most examples can be purchased for around $50 in circulated condition. This is the first year that Alexander Hamilton was shown on the $10 bill. If the serial number is lower than 1000 or begins with a star symbol then it will be worth more money.
What is a 1922 $50 gold certificate worth?
Value and Other Information: This is the last large size $50 gold certificate issued by The United States. Most of these sell for between $200 and $1,000 in circulated condition. There are two types.