The ability of an asset to hold its value over time is a(n)
A. store of value.
B. medium of exchange.
C. unit of accounting.
D. standard of deferred payment.
Answer: A
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Current account deficits are offset by
A) the liquidity balances. B) capital account surpluses. C) the basic balance. D) balance of trade surpluses.
The usual response of the banking system to new government regulations is
A) evasion through whatever means are necessary. B) strict compliance. C) an attempt to circumvent the regulations through financial innovation. D) bankruptcy.
In the standard theory of compensating differentials, a worker's reservation price is the
A. amount of money a worker loses for not taking any job. B. amount of money it costs a worker to take a risky job. C. difference between the wage paid in firms offering risky jobs and the wage paid by firms offering safe jobs. D. amount of money it takes to entice the worker into accepting a risky job. E. amount of money it costs a worker to take a safe job.
A shortage creates a situation that forces prices to ________ while a surplus creates a situation that forces prices to ________
A) decrease; increase B) decrease; decrease C) increase; decrease D) increase; increase