A medium of exchange is
A. any asset that sellers will accept as payment.
B. an asset that is used to settle future debts.
C. the thing traded when barter takes place.
D. a measure by which prices are expressed.
Answer: A
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Which of the following barriers to entry is is most likely to result in the creation of of new products and production processes?
A) Patents. B) Licenses. C) Ownership of an essential raw material. D) Significant economies of scale.
During the first four years of the Great Depression, the price level fell an average of 10 percent per year
a. True b. False
Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi’s demand curve?
a. 0.1 b. 0.8 c. 1.0 d. 10.0
If a policymaker is convinced that time lags frequently negate the impact of short-run stabilization efforts, it is likely she would favor ________ policymaking.
A. aggressive B. discretionary C. active D. nondiscretionary