When money serves as a mechanism for transforming current income into future purchases, it is functioning as a
A. Medium of exchange.
B. Standard of account.
C. Store of value.
D. Standard of value.
Answer: C
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Frictional unemployment is
A) related to job search difficulties for potential workers. B) a result of a poor match of worker's abilities and skills with current requirements of employers. C) a result of business recessions that occur when aggregate demand is insufficient to create full employment. D) a result of the seasonal pattern of work in specific industries.
Which of the following does not contribute to an institutional structure that promotes economic growth?
A. A pro-business environment. B. Entrepreneurial incentives. C. Policy uncertainty. D. Well-defined property rights.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Which of the following is a macroeconomic question?
A. Should we have a constitutional amendment requiring the government to implement a national consumption tax to replace the current income tax? B. Why did a leading computer manufacturer establish call centers in India? C. Why does a pharmaceutical manufacturer try to lower its production costs? D. Should the government put a tax on alcohol in an attempt to assist in the funding of support groups like Alcoholics Anonymous?