Gold, silver, and cigarettes in a prisoner of war are all examples of commodity money.

Answer the following statement true (T) or false (F)


True

Economics

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In the Keynesian cross diagram, a decline in autonomous consumer expenditure causes the aggregate demand function to shift ________ and the equilibrium level of aggregate output to ________, everything else held constant

A) up; rise B) up; fall C) down; rise D) down; fall

Economics

Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower

Economics

Under what circumstances might a government price ceiling lead to the development of a black market?

What will be an ideal response?

Economics

When a government spends more than it earns in revenue, we say that it has a:

A. budget surplus. B. budget deficit. C. budget crisis. D. federal debt.

Economics