If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a:
A. medium of exchange.
B. store of value.
C. unit of account.
D. mechanism for transforming present purchases into future purchases.
Answer: C
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When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs
A) efficient central planning B) equity C) productive efficiency D) allocative efficiency
Either supply shocks or adjusting inflation expectations can shift the short run Phillips curve
a. True b. False Indicate whether the statement is true or false
If the multiplier is 4, a $15 billion increase in government expenditures will shift the AD curve to the:
A. right by $15 billion. B. left by $60 billion. C. left by $15 billion. D. right by $60 billion.
Because the government has so much money, and can print more, it does not need to borrow and therefore rarely pays net interest on debt.
Answer the following statement true (T) or false (F)