Money is the means of payment in the economy. Examples of money include
a. currency, checking account balances, and credit card limits
b. ATM cards, checking account balances, and currency
c. travelers' checks and credit card limits
d. currency, stocks, and travelers' checks
e. currency, travelers' checks, and personal checks
E
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Which of the following would result in a higher real wage rate and a greater level of employment in the United States?
A) an increase in the supply of capital in the United States B) more liberal U.S. immigration policies C) an increase in the U.S. population D) all of the above
Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to sell for: Firm A $6, Firm B $7, Firm C $10, and Firm D $12
If the market price is $11 then the market supply for this good will be A) 3 units. B) 4 units. C) 1 unit. D) 2 units.
Automatic changes in tax revenues and expenditures that occur as a result of fluctuations in real GDP are referred to as automatic
A) discretionary policy. B) discretionary taxes and expenditure. C) government. D) stabilizers. E) taxes and expenditure.
When an economy achieves economic efficiency, it:
A. is beyond a Pareto optimal position. B. is at a Pareto optimal position. C. may or may not be at a Pareto optimal position. D. is below a Pareto optimal position.