Which of the following can be used as money?
A) silver
B) emeralds
C) coconuts
D) all of the above
D
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Macroeconomics often relies on microeconomic analysis because
A) microeconomics is older than macroeconomics. B) microeconomic theory can be tested and macroeconomic theory cannot be tested. C) all aggregates are made up of individuals and firms. D) the effects of macroeconomic subjects such as inflation and unemployment are independent of individual consumers and firms.
Policy directives used by the Fed to moderate swings in the business cycle are considered
a. moderating fiscal policy b. countercyclical monetary policy c. accelerating monetary policy d. reserve requirement rates e. federal funds policy
India’s real GDP was $2.5 trillion in 2018. Using the simple aggregate expenditure model and assuming that the country’s economy was in equilibrium, what was India’s aggregate expenditure?
a. $25 billion b. $250 billion c. $2.5 trillion d. $250 trillion
If Portuguese wines are an inferior good, higher incomes will cause:
A. an increase in the demand for Portuguese wines. B. a decrease in the quantity demanded for Portuguese wines. C. a decrease in the demand for Portuguese wines. D. an increase in the quantity demanded for Portuguese wines.