If U.S. official reserves increase, the
A) current account is positive.
B) balance of payments increases.
C) official settlements account balance is negative.
D) current account increases.
E) official settlements account balance is positive.
C
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The "double coincidence of wants" is
A) what is needed to use money. B) eliminated with the use of money. C) money's role as a unit of account. D) how value is stored when we transact with money. E) eliminated when we barter instead of using money.
According to one study, the price elasticity of demand for restaurant meals is -2.27. This implies that if restaurants want to increase their total revenues they should:
A) increase prices. B) decrease prices. C) leave prices unchanged. D) cannot be determined with the information given.
When real income ________, the demand curve for money shifts to the ________ and the interest rate ________, everything else held constant
A) falls; right; rises B) rises; right; rises C) falls; left; rises D) rises; left; rises
If a price ceiling is imposed, then:
A. the market supply curve will shift to the right. B. the market demand will shift to the left. C. a shortage of product will result. D. the market equilibrium price is below the level the government wishes to achieve.