Which of the following items serve as a unit of account?
I. $100 cash
II. checkable deposits
III. an original Picasso painting
IV. a $1,000 corporate bond that you own
A) I only
B) I and II
C) I, II, and III
D) I, II, and IV
E) I, II, III, and IV
Ans: B) I and II
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net gain of total economic surplus equals area(s)
A. A + B + C + D. B. B + C. C. B + C + D. D. D.
What is the difference between capital goods and consumer goods?
What will be an ideal response?
Which of the following is not a tool for controlling the money supply?
a. Buying government bonds b. Selling government bonds c. Changing tax rates d. Changing the required reserve ratio e. Changing the discount rate
During the process of a strike, both the employer and the union workers will do all of the following except
a. signaling what they will accept b. conceal agendas c. disregard the return to monopsony power d. reassess all relevant factors e. try to obtain the best wage agreement