Following the 2007-2009 financial crisis, many people feared that Greece might leave the euro and resume using the drachma. If that happened, the drachma might be worth less than the euro.
When using fiat money like the drachma, the key to acceptance is that households and firms have confidence that if they accept drachma in exchange for goods and services, the drachma will not lose much value during the time they hold them. If sellers were not willing to accept the drachma in exchange for goods and services, the drachma would not serve as
A) a medium of exchange. B) fiat money.
C) legal tender. D) a unit of account.
Question 2
Just before, during, and after the recession of 2007-2009, net exports in the United States
A) fell, but remained positive. B) fell and remained negative.
C) rose and became positive. D) rose, but remained negative.
The Acropolis, Athens, Greece.
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