Which of the following is likely to happen when the interest rate falls?
A) The volume of economic activity will reduce. B) The labor demand curve will shift to the left.
C) Equilibrium wage rate will fall. D) The labor demand curve will shift to the right.
D
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Giving the store clerk a $20 bill for a sweater priced at $20 is an example of money serving as a
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred value.
Jim, a U.S. citizen, works only in Croatia. The value added to production from his employment is:
A) included in only Croatian GNP. B) included only in U.S. GDP. C) included only in U.S. GNP. D) not included in either U.S. GDP or U.S. GNP.
In 2009, the United States largest balance of trade deficit was with
a. the European Union b. Canada c. China d. Mexico e. Brazil
Which of the following statements concerning the First Bank of the United States is not true?
a. Its goal was to prevent state-chartered banks from overissuing bank notes. b. Its charter lasted 20 years. c. It was the first version of a central bank in the United States. d. It served as the government's fiscal agent. e. It was the first bank chartered in the United States.