Money serves as a basic yardstick for measuring economic value (a unit of account), allowing
A. easy comparison of the relative prices of goods and services.
B. goods and services to be exchanged with a double coincidence of wants.
C. people to hold their wealth in a liquid form.
D. governments to restrict the issuance of private monies.
Answer: A
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When a nation imports a good, its ________ surplus decreases and its ________ surplus increases
A) consumer; producer B) consumer; consumer C) producer; producer D) producer; consumer E) total; consumer
An increase in
A) nominal output raises the interest rate while a fall in real output lowers the interest rate, given the price level and the money supply. B) real output decreases the interest rate while a fall in real output increases the interest rate, given the price level. C) real output raises the interest rate while a fall in real output lowers the interest rate, given the money supply. D) nominal output raises the interest rate while a fall in real output lowers the interest rate, given the price level. E) real output raises the interest rate while a fall in real output lowers the interest rate, given the price level and the money supply.
Assume a firm lowers price below marginal cost to deter entry
A) This strategy is not credible. B) This strategy is credible. C) This strategy is illegal. D) This strategy is immoral.
Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. 
Figure 16.1 Refer to Figure 16.1. What is the total damage imposed as a result of producing the market (unregulated) level of fertilizer?
A. $250 B. $300 C. $500 D. $600