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 Kelton. The producer of this good receives a profit called seigniorage (“SANE-yur-idge”). Types of this good with more inherent value are predicted to disappear by Gresham’s Law. Types of this good are traded in the forex market. Fiscal (10[1])policy (10[1])and policy named after this good (10[1])make up a government’s economic policy. Types of this good that have no inherent value are called fiat. (10[2])For 10 points, name this thing that can be exchanged for any good or service. ■END■

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