A 35,000 price tag on a new car is an example of money as
A) A time deposit
B) A medium of exchange
C) A unit of accounting
D) A store of value
Ans: C) A unit of accounting
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One should ignore the degree of income inequality _____
a. when one considers the design of redistribution programs b. when one only cares about improving the lot of the worst off in society c. when considering whether or not to transfer resources from the rich to the poor d. when considering progressive taxation
The structural deficit is defined as
a. that part of the deficit that is so hard to remove that it is never reduced. b. the portion of the budget deficit that occurs because the economy is not at full employment. c. the hypothetical deficit the economy would have under current fiscal policies if the economy were operating near full employment. d. the actual budget deficit that exists in the economy.
You are the manager of a supermarket, and you know that the income elasticity of peanut butter is exactly ?0.7. Due to the economic recession, you expect incomes to drop by 15 percent next year. How should you adjust your purchase of peanut butter?
A. Buy 9.8 percent less peanut butter. B. Buy 10.5 percent more peanut butter. C. Buy 6.2 percent less peanut butter. D. Buy 2.14 percent more peanut butter.
Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. Which of the following statements is true?
A. Only the United States should produce alfalfa. B. Only Canada can benefit from trade. C. Both countries should produce both products. D. Only Canada should produce alfalfa.