One of the functions of money is to serve as a:
A. equality enhancer.
B. store of value.
C. valuation tool.
D. sole way to make payments.
Answer: B
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The majority of dollars spent by government prior to the Great Depression was spending at the ________. In the post World War II period, two-thirds to three quarters of all dollars spent by government in the United States are spent at the ________
A) state and local levels; federal level B) state and local levels; state level C) federal level; state and local levels D) local level; state level
The crowding-out effect is more likely to dominate the crowding-in effect when investment is relatively
a. insensitive to interest rates and to GDP. b. insensitive to interest rates but sensitive to GDP. c. sensitive to interest rates and to GDP. d. sensitive to interest rates and insensitive to GDP.
Individuals will usually make choices to minimize the value of some objective.
a. true b. false