A $1,000 price tag on a stereo system is an example of money as a unit of account
a. True
b. False
Indicate whether the statement is true or false
True
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
According to real business cycle theorists, new technology raises real productivity, which allows for lower costs and prices
Indicate whether the statement is true or false
________________: the practice of exchanging favors, especially in politics by reciprocal voting for each other's proposed legislation.
Fill in the blank(s) with the appropriate word(s).
Suppose you receive Y1 of your income this period and Y2 of your income in the next period. If you can either borrow or lend at an interest rate r, what is the most you can consume in the future period?
A. Y2(1 + r) + Y1 B. Y2/(1 + r) + Y1 C. Y1(1 + r) + Y2 D. Y1/(1 + r) + Y2