________ money could be used for some other purpose other than as a medium of exchange, for example, gold coins could be melted down and turned into gold jewelry
A) Commodity
B) Fiat
C) Paper
D) Electronic
A
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Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess supply of money which will cause the interest rate to ________
A) right; fall B) right; rise C) left; fall D) left; rise
If perfect competition existed everywhere, along with frictionless exchange, perfect information, and constant returns to scale,
a. consumers would carry out transactions directly with resource suppliers b. firms would not have the information necessary to calculate marginal productivities of resources c. entrepreneurs would be needed to collect information d. consumers would produce output and then engage in barter e. the economy would be organized into one large firm
What are the twin goals of the Federal Reserve Bank?
a) Low unemployment and zero inflation. b) No unemployment and stable prices. c) Low unemployment and stable prices. d) No unemployment and zero inflation.
Which of the following statements describes the long-run effects of global outsourcing?
A) Wages for U.S. workers will decrease but wages in other countries will increase. B) Wages in all countries will remain the same as before the outsourcing. C) Wages and employment will increase globally. D) Wages will increase globally and employment will stay the same.