Which of the following statements does NOT describe a function of money?
A) a store of value
B) a hedge against inflation
C) a standard of deferred payment
D) a unit of accounting
Ans: B) a hedge against inflation
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According to Keynesian economics, if there are unutilized resources in the economy and aggregate demand increases
A) real GDP will fall and price level will remain constant. B) real GDP will rise and price level will remain constant. C) real GDP will rise and price level will fall. D) real GDP will rise and price level will rise.
If the aggregate supply curve has its normal shape, deficit spending will increase
a. both GDP and the price level at about the same rate. b. the price level before it increases real GDP. c. the price level but decrease real GDP. d. real GDP before it increases the price level.
The recognition time lag recognizes that it takes time
A. for the politicians to enact the policy once the need for change has been recognized. B. to get politicians to agree on the best policy to enact. C. for any change in policy to take effect and for people to recognize that the policies are effective. D. to collect information about the state of the economy.
Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.