Which function of money eliminates the need for multiple prices for each good as in a barter system?
A) store of value
B) standard of deferred payment
C) unit of account
D) valuable relative to its weight
C
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The "old" Keynesian approach dominated macroeconomic theory until the
A) 1930s. B) late 1950s. C) late 1960s. D) early 1980s.
Aggregate price information, such as recalculations of the CPI, is available to the public with ________ lags, causing difficulty for the ________ of the New Classical approach
A) long, Friedman but not Lucas version B) long, Lucas but not Friedman version C) long, Friedman and Lucas versions D) short, Friedman and Lucas versions E) short, Friedman but not Lucas version
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by
A) 15 units. B) 25 units. C) 35 units. D) 50 units.
Which of the following statements is true for the average individual investor interested in stocks?
a. Trying to pick the stocks that will gain a great deal in the future is a risky and unlikely way to become rich. b. The majority of individual financial investors outguess the market better than professionals. c. Stocks are both low risk and low return but have high liquidity. d. Investing in stocks, bonds, or gold will (on average) provide about the same rate of return in a fiscal year.