Which function of money allows people to specialize in areas in which they have a comparative advantage?
A) medium of exchange
B) unit of accounting
C) store of value
D) standard of deferred payment
A
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Anti-competitive policies are often enforced by government because the public seems to think price cutting by large sellers
A) creates monopolies by reducing competition. B) increases competition among sellers. C) raises prices at the wholesale but not at the retail level. D) reduces the elasticity of margins.
Each of the following is one of the four main categories of spending identified by John Maynard Keynes except
A) taxes. B) net exports. C) government purchases. D) consumption.
Define the following terms and explain their importance to the study of macroeconomics: a. open economy b. closed economy c. budget deficits and trade deficits d. international capital flows
What will be an ideal response?
In reality, all economic systems are
A. mixed. B. capitalistic. C. democratic. D. socialistic.