Objects that have value because the holder can exchange them for something else of value:
a. fiat money
b. commodity money
c. currency
d. representative money
Ans: d. representative money
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An appropriate fiscal policy response when aggregate demand is growing at a faster rate than aggregate supply is to decrease the money supply
Indicate whether the statement is true or false
Because some monopolies could still earn an economic profit even if the firm is inefficient, corporate executives might waste resources by indulging in
a. long lunches b. corporate jets c. plush offices d. None of the answers is correct. e. All of the answers are correct.
The AD curve shifts rightward if taxes decrease
a. True b. False
If British real GDP fell, there would be
a. a rightward movement along the supply of British pounds curve in the dollar-pound market b. a leftward movement along the supply of British pounds curve in the dollar-pound market c. an increased supply of British pounds to the dollar-pound market d. a decreased supply of British pounds to the dollar-pound market e. the tendency for the supply of British pounds curve to become steeper in the dollar-pound market