When money is used as a standard of value, a person is
a) earning more money than before
b) purchasing a necessity
c) making a final transaction
d) making price comparisons among products
e) writing a check for groceries
Ans: d) making price comparisons among products
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If the economy slips into recession, the Fed ________ the federal funds rate, which ________ the short-term interest rate, and ________ the quantity of money
A) lowers; lowers; decreases B) raises; lowers; increases C) raises; lowers; decreases D) lowers; lowers; increases E) lowers; raises; increases
A usury ceiling will be effective depending on
a. whether the usury rate is above 10 percent. b. whether the usury rate is above 8 percent. c. whether that rate is below what the equilibrium rate of interest would have been in a free market. d. how well organized the lending institutions are.
Which of the following is NOT among the economic costs of a college education?
A. The cost of tuition B. The cost of books and fees C. The earnings forgone by spending time in school instead of working for pay D. The cost of room and board
Public goods are
A) any goods or services produced by the government. B) provided to additional users at no additional cost. C) provided only by the capitalistic system. D) provided only by the communist system.