Which of the following characteristics is a precondition for economic growth?
i. economic freedom
ii. free markets
iii. active government policy to discourage saving
A) ii only
B) Both ii and iii
C) i only
D) iii only
E) Both i and ii
E
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The paper currency that is currently being used in the U.S. is an example of ________ money
A) fiat B) price-indexed C) commodity D) hard
The circular flow model shows that goods and services flow from
A) businesses to households. B) households to business. C) the factor market to businesses. D) the goods market to businesses. E) the factor markets to the goods markets.
In the intertemporal model with money, the optimal amount of money is
A) equal to total output. B) equal to consumption and investment. C) zero. D) irrelevant as long as it is not zero.
Refer to the above figure. An external benefit exists. The amount of that benefit is represented by
A) P4. B) the vertical distance between D1 and D2. C) the distance between G and F. D) P3.