Gross domestic product is the money value of manufacturing production in a year
a. True
b. False
Indicate whether the statement is true or false
False
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"When economies experience high levels of inflation, the ability of money to act as a unit of account diminishes, and it becomes harder to make decisions." Which of the following costs of inflation does this statement describe?
a. Menu costs b. Shoe-leather costs c. Unit-of-account costs d. Time costs
The demand curve is a representation of the relationship between the quantity of a product demanded and:
a. Wealth b. Income c. Price d. Supply
Which of the following best describes the "invisible hand" concept?
A. Ample regulation of business by the government will maximize the public's best interests B. The market system works best when resources are free to move from one use to another C. The problem of scarcity can best be overcome in a system of mixed capitalism D. Self-interest in a market system will automatically promote the public interest as well
The central role of ________ in a market economy is bringing together savers and borrowers
A) corporations B) sole proprietors C) financial intermediaries D) stock exchanges