Which of the following does NOT describe a function of money?
A) unit of account
B) barter
C) medium of exchange
D) store of value
B
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Refer to the figure above. This country's imports equal
A) CE units of X. B) GH units of Y. C) CD units of X. D) DE units of Y.
Which of the following is a characteristic of "public goods"?
A) They must be provided by the government. B) It is difficult to restrict their availability to paying customers. C) It is easy to establish a one-to-one link between consumption of and payment for these goods. D) Scarce resources are not required for their production.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.
Which of the following would decrease the unemployment rate?
A) an increase in the minimum wage B) an increase in the efficiency wage C) an increase in labor union membership D) government aid to retrain unemployed workers