If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a
A) store of value.
B) medium of exchange.
C) mechanism for transforming present purchases into future purchases.
D) unit of account.
D
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If wages and prices become extremely flexible ________
A) there is no trade off between inflation and unemployment B) unemployment can hardly deviate from the natural rate C) it becomes very difficult to differentiate the short-run from the long-run Phillips curve D) all of the above E) none of the above
Numerically, the dominant type of business enterprise in the United States is
A) the corporation. B) the partnership. C) the proprietorship. D) the multinational corporation.
Automatic stabilizers act to moderate business cycles primarily through the personal income and consumption channels
a. True b. False Indicate whether the statement is true or false
Suppose that Mr. Chopp withdraws $500 from his checking account. If the reserve requirement is 5 percent, what will be the maximum potential change in the money supply forthcoming from Mr. Chopp's transaction?
a. $10,000 b. $500 c. $0 d. -$500 e. -$10,000