Keynesians, monetarists, and classical economists all agree that the transactions demand for money is money being used as a
a. measure of value
b. store of value
c. standard of deferred payments
d. medium of exchange
e. medium of barter
D
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What will be an ideal response?
If P = domestic prices, P* = foreign prices, and e is the nominal exchange rate, which of the following is implied by purchasing-power parity?
a. P = e/P b. 1 = e/P c. e = P/P d. None of the above is correct.
A country's standard of living can be calculated by dividing the goods and services its people have by
A. social services. B. population. C. output. D. total production.
While waiting in line to buy a cheeseburger for $2 and a drink for 75 cents, Aaron notices that the restaurant has a value meal containing a cheeseburger, drink, and French fries for $3. For Aaron, the marginal cost of purchasing the French fries:
A. would be zero. B. would be 25 cents. C. would be 50 cents. D. cannot be determined because the information about the price of the French fries is not provided.