The main disadvantage of using money as a store of value is that:
A. other assets pay relatively higher rates of interest than money.
B. other assets provide greater anonymity than cash.
C. barter is a more efficient way to conduct transactions than using money.
D. unlike other assets, money serves as a medium of exchange.
Answer: A
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Which adjustment(s) must be made to convert net domestic product to GDP? i. add indirect taxes ii. subtract subsidies iii. add depreciation
A) i and iii only B) i, ii and iii C) ii only D) iii only E) i and ii
Whether exchange is between individuals, firms, or countries, voluntary trade occurs because:
a. only one party is made better off. b. both parties of the trade are made better off. c. financial agents devote resources to arrange such trades. d. these trades create employment opportunity for the economy. e. of mandates from governments.
In cartels, the reason that the monopoly output is unstable is due to the factors that are present in a prisoner's dilemma
a. True b. False Indicate whether the statement is true or false
When incentives to earn income are distorted by income redistribution programs,
a. losses can exceed potential gains from greater equality of income. b. total income in an economy can fall. c. total utility in society can fall. d. All of the above are correct.