For anything to be considered money it must be
A) either a commodity or a token, as long as it is generally accepted as a means of payment.
B) a valuable commodity, such as gold.
C) used in barter transactions.
D) a mystical token, such as whale teeth.
E) a token, such as a green piece of paper.
A
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The local labor market for lawn-mowing workers is initially in equilibrium. These workers are also able to clean swimming pools and have no preference for one job over the other. If the wage rate for pool cleaning rises, which of the following would occur in the lawn-mowing labor market?
a. Both labor demand and labor supply will drop, leading to a lower wage rate and lower employment. b. Both labor demand and labor supply will rise, leading to a higher wage rate and lower employment. c. Labor supply will drop, leading to a higher wage rate and lower employment. d. Labor supply will drop, leading to a lower wage rate and lower employment. e. Labor demand will drop, leading to a lower wage rate and lower employment.
Which of the following would be a private cost of smoking to a cigarette smoker?
a. cost to a private firm of the higher health insurance premiums due to the hiring of a smoker b. cost to a private firm of the reduced productivity of a smoker, who misses days of work as a result of smoking c. cost to the city of extra park lawn cleanup due to the presence of cigarette butts d. price of a pack of cigarettes e. cost to the government to pay the hospital expenses of indigent private smokers
Suppose expected inflation and actual inflation are both low, and unemployment is at its natural rate. If the Fed then pursues an expansionary monetary policy, which of the following results would be expected in the short run?
a. The short-run Phillips curve would shift to the left. b. The short-run Phillips curve would shift to the right. c. The economy would move up and to the left along a given short-run Phillips curve. d. The economy would move down and to the right along a given short-run Phillips curve.