Adoption of the euro as both a medium of exchange and unit of account in the EU countries serves to increase competition among European firms and decrease individual countries' monetary policy options when confronted by recessions and booms
Indicate whether the statement is true or false
TRUE
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Suppose that you find out from an L.L. Bean catalogue that a sweater costs $30.00. In this case, money is serving as a
A) medium of exchange. B) unit of account. C) store of value. D) double coincidence of want.
A society can occasionally produce at a point beyond its production possibilities frontier if there is an economic crisis.
Answer the following statement true (T) or false (F)
A new industry develops, and our government wants to protect it from foreign competition. Which one of the following arguments would appropriately describe this type of protection?
A) national security B) cartelization C) infant industry D) protecting American jobs
If a price ceiling is imposed,
a. the market supply curve shifts to the right b. the market demand curve shifts to the left c. an excess demand for the good results d. the government would be required to buy the excess supply of the good e. the equilibrium price falls below the price level the government wishes to achieve