Which of the following properties should a commodity have to be considered as money?
a. It should be scarce and rare.
b. It should be perishable.
c. It should be indivisible.
d. It should be unpredictable in value.
e. It should be homogenous in nature.
e
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Describe some of the potential problems with using expansionary fiscal policy
What will be an ideal response?
The European Central Bank (ECB) pursues a hybrid monetary policy strategy that has elements in common with the -targeting strategy previously used by the Bundesbank but also includes some elements of targeting
A) monetary; inflation B) inflation; monetary C) monetary; exchange rate D) monetary; nominal GDP
To correct for the social impact of pollution, the government should levy a per-unit tax
A) that is the same for all polluters regardless of their locations or sizes. B) according to the economic damage of the pollution. C) according to the business activity of the polluter. D) only to those polluters that can afford to pay for the tax.
A surplus occurs whenever
a. current price is greater than equilibrium price b. quantity supplied exceeds quantity demanded at the equilibrium price c. quantity demanded is greater than quantity supplied d. the problem of scarcity of a good is solved e. some buyers would be willing and able to pay even more for it than they have to at equilibrium