In order for barter to occur, traders must have a:
a. unit of account.
b. coincidence of wants.
c. medium of exchange.
d. central banking facility.
b
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Which of the following is a determinant of supply?
A) tastes and preferences of consumers B) technology C) consumer income D) number of consumers
The tradeoffs faced by a society can be illustrated in a graph known as the:
a. production operations curve. b. production cost curve. c. production cost model. d. production cost forecast curve. e. production possibilities curve.
A macroeconomist compares the unemployment and job vacancy statistics for the previous year and notes that both unemployment and job vacancies have risen to high levels. What conclusion should she draw?
a. The problem will likely resolve itself as the unemployed workers fill the job vacancies. b. Businesses are likely having trouble finding workers with the right skill sets. c. The economy is growing at such an astounding rate, frictional unemployment is likely out of control. d. The economy is likely entering a recession as businesses are refusing to hire workers.
Inflation increases uncertainty in the markets because:
A. consumers must put more effort into shopping to find the best price. B. it is more difficult to stay aware of how one product compares in cost to another. C. sellers raise the prices of their products very gradually and predictably.