Money performs all of the following functions EXCEPT serving as a i. medium of exchange. ii. unit of account. iii. barter mechanism
A) i only
B) ii only
C) iii only
D) i and ii
E) ii and iii
C
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To increase income by $120 when the slope of the curve showing the relationship between your income and work hours is 8, how many extra hours will you need to work?
A) 8 B) 15 C) 112 D) 960
All of the following would stimulate economic growth EXCEPT
A) decreasing taxes on consumption (for instance, decreasing a sales taxes) and increasing income taxes. B) subsidizing basic research. C) decreasing tuition charges at state universities. D) encouraging international trade.
An economy that trades with the rest of the world is a(n) ________.
A. trade economy B. closed economy C. open economy D. command economy
An increase in natural resources would presumably ______ the costs of production and ______ the economy’s sustainable rate of output.
a. decrease; increase b. decrease; decrease c. increase; increase d. increase; decrease