A measure by which prices are expressed is a(n)
A) standard of deferred payment. B) unit of accounting.
C) medium of exchange. D) store of value.
B
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
As the dollar depreciates relative to the Russian ruble, U.S. goods become cheaper for Russians to purchase. Therefore, in the foreign exchange market, the
A) supply curve of dollars is downward sloping. B) demand curve for dollars is downward sloping. C) demand curve for euros is upward sloping. D) supply curve of euros is downward sloping.
During the Great Depression, the economist who raised the loudest objections against the classical model was
a. Milton Friedman b. John Nash c. Adam Smith d. Ben Bernanke e. John Maynard Keynes
Mary is maximizing utility by eating three pancakes and two eggs. The principle of rational choice says that if there is diminishing marginal utility and the price of eggs rises, Mary will choose to eat more pancakes and fewer eggs.
Answer the following statement true (T) or false (F)