Round 3: Tossup 14

In a graph of this good’s market, a vertical supply curve intersects a downward-sloping demand curve with nominal interest rate plotted on the y-axis. Proponents of a heterodox “Modern” theory named for this good include Stephanie (10[1])Kelton. (10[1])The producer of this good receives a profit called seigniorage (“SANE-yur-idge”). Types of this good (10[1])with more inherent value are predicted to disappear by Gresham’s Law. Types of this good are traded in the forex market. Fiscal policy and policy named after this good make up a government’s economic policy. (10[1])Types of this good (10[1])that have no inherent value are called fiat. For 10 points, name (10[1])this thing that can be exchanged for any good or service. ■END■

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