You believe the dollars you have today will be accepted in the future in exchange for goods and services. Which function of money does this illustrate?
Store of value
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If Techland's government reduces tax rates, ________
A) the economy's labor demand curve will shift to the left B) the economy's labor supply curve will shift to the left C) the economy's aggregate supply curve will shift to the left D) the economy's labor demand curve will shift to the right
Which of the following statements best describes a normal good?
A) A normal good is a good that is rationed by the government. B) A normal good is a good that is readily available in the market. C) A normal good is a good whose supply increases as its price decreases. D) A normal good is a good whose demand increases with an increase in consumers' income.
Which of the following results from an increase in the price of a one-week vacation at beach resorts on the coast of Mexico?
a. An increase in the supply of bicycle tires in Toledo, Ohio. b. A decrease in the demand for vacations at resorts on Caribbean islands. c. An increase in the supply of vacation opportunities at resorts on the coast of Mexico. d. An increase in the demand for vacations at resorts on Caribbean islands.