Money eliminates the need to barter
a. True
b. False
Indicate whether the statement is true or false
True
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Consider a tragic and heart-wrenching case in which a cancer patient is told he needs chemotherapy in order to live three more years at best, but the patient's final three years will be filled with all the terrible side-effects of the treatment
Without it, he will surely die within a year, but his quality of life would be a better. Suppose he chooses to quit chemotherapy. The economic way of thinking would therefore conclude A) the patient made the wrong choice. B) the doctors were absolutely right—the patient needs chemotherapy. C) it is better to live longer than it is to die sooner. D) all of the above are true. E) none of the above is true.
If a country has a ________ exchange rate, its central bank must buy and sell its holdings of currencies to maintain a given exchange rate
A) flexible B) fixed C) floating D) all of the above
Figure 3-14
Refer to . The gasoline market was initially in equilibrium at point e. Other things constant, a decrease in the price of crude oil, an important ingredient used to produce gasoline, would likely move the equilibrium in this market toward point
a.
r.
b.
s.
c.
t.
d.
u.
Compared to the unemployed during the Great Depression, persons unemployed in today’s economy are
A. worse off due to higher price levels. B. worse off due to higher rates of unemployment in the 1990s. C. better off due to unemployment insurance. D. better off due to lower price levels.