When a banker records how many dollars each of his borrowers owes the bank, money is serving as a:
A. Store of value
B. Unit of account
C. Medium of exchange
D. Legal tender
B. Unit of account
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The main policy-making organization of the Federal Reserve System is the ________
A) U.S. Mint B) U.S. Treasury C) Joint Congressional Committee on Monetary Policy D) Federal Open Market Committee
Which of the following is true?
a. As the national debt increases relative to GDP, interest on the debt relative to GDP declines. b. As the national debt decreases relative to GDP, interest on the debt relative to GDP rises. c. As the national debt increases relative to GDP, interest on the debt relative to GDP rises. d. The national debt relative to GDP has been constant in recent years. e. The national debt relative to GDP has been falling in the last few years.
At tax rates higher than the tax rate that maximizes tax revenues along a Laffer curve
A. a reduction in tax rates increases tax revenues. B. a reduction in tax rates reduces tax revenues. C. an increase in tax rates increases tax revenues. D. any variation in tax rates has no effect on tax revenues.
The data in the tables below suggest that production in:
Autos and chemicals are in million of units in the following production possibilities tables:
A. Germany is subject to increasing opportunity costs and the United States to constant opportunity costs
B. The United States is subject to increasing opportunity costs and Germany to constant opportunity costs
C. Both Germany and the United States are subject to constant opportunity costs
D. Both Germany and the United States are subject to increasing opportunity costs