Which of the following is true of the European Currency Unit?
a. It was used by the European nations as a medium of exchanging goods and services.
b. It was an accounting entry that was transferred between two European nations.
c. It was replaced by the euro in the early 1980s.
d. It was denominated in the British pound.
e. It was a primary international reserve asset of most of the nations across the world.
b
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Suppose there is an increase in the short-run aggregate supply with no change in the long-run aggregate supply. This situation could be the result of
A) an increase in the price of oil. B) a decrease in the money wage rate. C) a technological advancement. D) an increase in the quantity of capital.
There are fewest problems in distinguishing between which two market structures?
a. oligopoly and monopolistic competition b. monopolistic competition and perfect competition c. monopoly and perfect competition d. oligopoly and monopoly e. oligopoly and perfect competition
Jim enjoys the feeling of wind in his hair enough to ride his motorcycle without a helmet, even though he fully realizes the greater potential for injury it creates by not wearing one in the unlikely event he is in an accident. To an economist, Jim is
a. making an irrational choice. b. making a rational choice. c. not fully considering the personal costs and benefits of his decision. d. not responding to the incentives he faces.
Which of the following is an example of spending on factors of production in the circular flow model?
A) Carolina has her nails done before her 20th high school class reunion. B) Giorgio buys snow cones for his youth soccer team after each game. C) Stevie trades in his old cell phone for a newer model. D) Arlisha purchases a cotton candy machine for her concession stand at the state fair.