Anything that is widely accepted as a medium of exchange can be called money
a. True
b. False
Indicate whether the statement is true or false
True
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When the more recent observations are more relevant to the estimate of the next period than previous observations, the naïve forecasting method to employ is
A) exponential smoothing. B) compound growth rate. C) trend analysis. D) moving averages.
A price system is considered to be efficient when
A) it fails to have the goods that consumers want. B) an underground market develops. C) all resources are allocated to the highest-valued uses. D) firms produce more than what consumers want.
Which of the following will cause a decrease in producer surplus?
a. the imposition of a binding price ceiling in the market b. an increase in the number of buyers of the good c. income increases and buyers consider the good to be normal d. the price of a complement decreases
Based on the graph showing how the subprime share of home mortgages grew rapidly before the big decline, the share of subprime loans began its steepest climb ______.
a. about the same time adjustable mortgage rates bottomed-out
b. about three years after adjustable mortgage rates bottomed-out
c. about three years before adjustable mortgage rates bottomed-out
d. about the same time adjustable mortgage rates began to decrease