Which of the following is NOT a benefit of money when used as a medium of exchange?
A) allowing individuals to specialize
B) allowing individuals to pay off debts
C) allowing for some economic efficiencies
D) providing economic growth
B
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Non-activists believe that the principal source of AD instability is
A) private investment spending. B) private consumption spending. C) erratic government policy. D) All of the above.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. positive supply side shock. B. negative supply side shock. C. positive demand side shock. D. negative demand side shock.
Which of the following is a characteristic of a perfect competition?
a. Firms can enter and exit a market freely. b. Two or three firms produce identical products. c. A few buyers are available to purchase a good. d. Sellers and buyers have limited product information.