Money
A. is anything the government declares to have value.
B. facilitates specialization in production.
C. is anything that is regularly used and generally accepted in economic transactions or exchanges.
D. is necessary to conduct economic transactions.
Answer: C
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What is the goal of bank regulation?
a. to ensure borrowers have easy access to investable funds b. to maintain the solvency of banks by ensuring maximum profits c. to maintain the solvency of banks by avoiding excessive risk d. to prevent banks from engaging in profitable risk
Define the following terms and explain their importance to the study of economics: a. Antitrust policy b. Economies of scale c. Economies of scope
What will be an ideal response?
Economic variables whose values are measured in goods are called
a. dichotomous variables. b. nominal variables. c. classical variables. d. real variables.
A shift from S1 to S2 reflects the change that happens when a negative externality is taken into account. A shift from D1 to D2 reflects the change that happens when a positive externality is taken into account. Refer to the above figures. An external cost exists. This will lead to a(n)