Money fulfills which of the following functions?
a. a medium of exchange
b. a unit of account
c. a store of value
d. all of the above are functions of money
d
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Carefully define the following terms and explain their importance. a. Variable b. Ray c. Slope d. Contour map
What will be an ideal response?
The application of Solow's growth theory to the explanation of the slowdown in productivity growth in the United States suggests that the slowdown is primarily caused by
A) reduced growth in the capital stock per hour of work. B) reduced growth in the technical change or total factor productivity. C) slow residual growth of the capital stock. D) ignorance since people save and invest less.
The consumer price index (CPI) is calculated
a. using a fixed basket of goods and, therefore, will tend to understate inflation. b. using a fixed basket of goods and, therefore, will tend to overstate inflation. c. using a constantly changing basket of goods and, therefore, will tend to understate inflation. d. using a constantly changing basket of goods and, therefore, will tend to overstate inflation.
The production possibilities frontier is a graph that shows the various combinations of output that an economy
a. should produce. b. wants to produce. c. can produce. d. demands.