Which is an example of money as a unit of account?
a. purchasing a toy for $8.99
b. lending a friend $25.00
c. opening a savings account at a bank
d. checking the price of a camera at several stores before buying it at the lowest price
Ans: d. checking the price of a camera at several stores before buying it at the lowest price
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In comparison to a government that runs a balanced budget, when the government runs a budget deficit,
A) business investment will fall. B) the equilibrium interest rate will fall. C) household savings will fall. D) none of the above
Productivity is defined as: a. the ratio of a specific measure of output to a specific measure of input
b. the production of worthwhile goods and services. c. the market value of goods, services, and resources produced per time period (e.g., per year). d. average input divided by average output. e. total input divided by average output.
The costs of changing price tags and price listing are known as
a) inflation-induced tax distortions. b) relative-price variability costs. c) shoeleather costs. d) menu costs.
If in the long run, imports are paid for by exports, then
A. any restriction of imports ultimately reduces exports. B. any restriction of imports ultimately expands exports. C. any restriction of exports has no impact on imports. D. any restriction of imports has no impact on exports.