Fiat money
a. is worthless.
b. has no intrinsic value.
c. may be used as a medium of exchange, but is not legal tender.
d. refers to highly liquid assets that do not serve as a medium of exchange.
b
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The table below shows data for Brazil
2006 2007 Real GDP growth rate 3.8 5.4 Inflation rate 4.2 3.7 Assuming the rate of velocity change is constant A) the growth rate of money increased between 2006 and 2007. B) the money growth rate was -0.4 percent in 2006. C) the growth rate of nominal GDP was 1.7 percent in 2006. D) the demand for money curve shifted leftward in 2006.
The additional cost associated with the hiring of one more unit of labor is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
Which of the following would a macroeconomist classify as capital?
a. a software program for an accounting firm b. a share of stock in General Electric c. a corporate bond from IBM d. All of the above are types of capital.
Refer to the following indifference map for a consumer who has an income of $48 to spend on goods X and Y and the market prices of X and Y are both $4:
After the price of good X increases to $12 while the price of good Y remains $4, how many units of good X would be purchased?
A. 0 B. 2 C. 4 D. 8 E. 12