Which of the following is true?
a. Demand deposits and other checkable deposits have replaced paper and metallic currency as the major source of money used for transactions in the United States.
b. Credit cards are not money; they are substitutes for the use of money in exchange
c. Most of the money that we use for day-to-day transactions is not official legal tender.
d. all of the above
d
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A demand curve shows the relationship between
a. price and quantity demanded b. the demand and supply schedules c. demand and supply equilibrium d. leakages and injections e. price and technology
Aggregation allows economists to ________ at the cost of ________.
A. make normative statements; ignoring positive analysis B. see the details; obscuring the big picture C. see the big picture; obscuring the details D. make positive statements; ignoring normative analysis
Under a system of fixed exchange rates where the foreign exchange market is in equilibrium and neither country has a balance-of-payments deficit or surplus, an increase in imports of French goods by Japanese consumers, ceteris paribus, would result in a
A. Balance-of-payments deficit for Japan. B. Balance-of-payments surplus for Japan. C. Balance-of-trade deficit for France. D. Market surplus of francs.
Which of the following statements best captures the concept of consumer surplus?
A. "I was willing to pay $30 for a dozen roses, but I bought them for $20." B. "I paid $35 for roses last week and just saw them for sale now at $25." C. "I was willing to pay $30 for roses, but they are selling for $35, so I did not buy." D. "I saw a sale for flowers, so I bought four bundles."