Which currency below currently serves as a dominant reserve currency?
A) European euro
B) U.S. dollar
C) Japanese yen
D) British pound
B
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You and a friend are arguing over the issue of the nonneutrality of money. You believe that money is not neutral, and to prove your point you would cite all of the following except
A) large gold discoveries that increased the money supply preceded an economic boom. B) a change in monetary institutions preceded a boom or recession. C) a change in the leadership of the Fed and its policy was followed by noticeable changes in the money supply and a recession or inflation. D) the fact that every recession was preceded by a drop in the money supply.
An unanticipated increase in inflation will:
a. redistribute income from employers to workers. b. redistribute income from lenders to borrowers. c. redistribute income from borrowers to lenders. d. do none of the above.
The study by economists Cox and Alm found
a. inequality in consumption is much smaller than inequality in annual income. b. inequality in consumption is slightly smaller than inequality in annual income. c. inequality in consumption is slightly larger than inequality in annual income. d. inequality in consumption is much larger than inequality in annual income.
________ is the condition that exists when there is no way resources can be reallocated to increase the production of one good without decreasing the production of another
a. Economic growth b. Allocative inefficiency c. Inefficiency d. Efficiency