In order for currency to be widely used as a medium of exchange, it is sufficient for the government to designate it as legal tender
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose that you borrow $10,000 for two years, and at the end of the second year, you must repay $11,664. The interest rate is
A. 8.0 percent. B. 7.0 percent. C. 9.0 percent. D. 16.7 percent.
Answer the following questions true (T) or false (F)
1. Price ceilings result in shortages. 2. All renters benefit from rent control and all landlords lose. 3. There is a shortage of every good that is scarce.
Charging different prices for similar products that have different marginal costs is called
A. predatory pricing. B. price dumping. C. price discrimination. D. price differentiation.
Which of the following is true?
a. Inflation and unemployment rates can both increase in the short run in response to positive supply shocks. b. Inflation and unemployment rates can both decrease in the short run in response to reduced aggregate demand. c. Inflation and unemployment rates can both decrease in the short run in response to negative supply shocks. d. None of the above.