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
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.
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.