If you post your car on eBay with a "Buy It Now" price of $1,800, you are using money as
A. bank reserves.
B. a medium of exchange.
C. a unit of account.
D. a store of value.
Answer: C
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According to economists Robert Lucas and Thomas Sargent, the apparent short-run trade-off between unemployment and inflation in the 1950s and 1960s was the result of
A) unexpected changes in fiscal policy. B) unexpected changes in monetary policy. C) expected changes in monetary policy. D) expected changes in fiscal policy.
A system where goods and services are exchanged directly without a common unit of account is called the:
A) commodity system. B) fiat system. C) barter system. D) none of the above.
U.S. consumers would be better off if they bought only U.S.-produced goods
a. True b. False
The production possibilities curve for the nation of Economagic shifts to the left. This could have been caused by:
a. an increase in Economagic's labor supply. b. innovation in the production of goods in Economagic. c. a war that destroyed some of Economagic's resource base. d. unemployment among Economagic's workers. e. Economagic's choice of more consumption and less capital last period.