When money is the basic measure of economic value, it serves as:
A. a store of value.
B. bank reserves.
C. a unit of account.
D. a medium of exchange.
Answer: C
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A perfectly competitive firm does not try to sell more of its product by lowering its price below the market price because
A. its competitors would not permit it. B. its demand curve is inelastic, so total revenue will decline. C. this would be considered unethical price chiseling. D. it can sell all it wants to at the market price.
The price elasticity of demand is defined as the magnitude of the
A) change in quantity demanded divided by the change in price. B) change in price divided by the change in quantity demanded. C) percentage change in quantity demanded divided by the percentage change in price. D) percentage change in price divided by the percentage change in quantity demanded.
The effects of financial deregulation on the IS and LM curves ________ the volatility of interest rates as the curves shift, such as the change in the amount that the interest rate must ________ when the Fed conducts open market purchases
A) decrease, rise B) decrease, fall C) increase, rise D) increase, fall
income-expenditure framework, if planned aggregate expenditures less than real gross domestic product (GDP)
What will be an ideal response?