Although a variety of commodities have been used as money, the most commonly used have been

A. stones and cattle.
B. shells and beads.
C. gold and silver.
D. cigarettes and candy bars.


Answer: C

Economics

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In the above figure, what are the long-run equilibrium price level and real GDP?

A) 130 and $11.5 trillion B) 120 and $11.5 trillion C) 120 and $12 trillion D) 130 and $12 trillion

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When the Fed worries about inflation, it ________ the federal funds rate and, in the short run, ________ the real interest rate

A) raises; raises B) raises; lowers C) lowers; lowers D) does not change; the Fed raises E) lowers; raises

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The Herfindahl-Hirschman Index is definitely larger in a ________ market than in a ________ market

A) monopoly; perfectly competitive B) monopolistic competitive; monopoly C) perfectly competitive; monopoly D) perfectly competitive; monopolistic competitive

Economics

During times of financial crisis, mark-to-market accounting

A) requires that a financial firms' assets be marked down in value which can worsen the lending crisis. B) leads to an increase in the financial firms' balance sheets since they can now get assets at bargain prices. C) leads to an increase in financial firms' lending. D) results in financial firms' assets increasing in value.

Economics