Suppose that in response to concerns about identity theft and ransomware, the federal government bans all cryptocurrencies (e.g., bitcoin).  (a) Use the supply and demand for money model to analyze the effect on the law on the price level and the value of money. Be sure to label the axes of your diagram and indicate any shifts in supply and/or demand by using a “1” next to the “D” or the “S.”   (b) Suppose the Fed acts to restore the initial price level. What does the Fed do? Show this on your diagram. Label the change “b.”

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Intelligent Machines

Machines that use artificial intelligence to learn from the environment and past experiences to perform better in the presence of variability and uncertainty are called intelligent machines. Intelligence develops according to environment and experience. It is human-like behavior. When the computer system or any programmed machine learns from the inputs and corresponding outputs, it can be called an intelligent machine.