Which of the following is true of credit cards?
a. They have eliminated the use of money
b. They are currently the most popular means of payment in the United States.
c. They are included in the narrow definition of money, M1.
d. They are near-monies.
e. They are used to postpone the payment of money.
e
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Refer to Table 8-22. Consider the data above for a simple economy: Using 2011 as the base year, calculate nominal GDP, real GDP, and the GDP deflator for 2016. Show your work.
With fixed exchange rates, a country
A) cannot conduct independent monetary policy. B) can conduct independent monetary policy. C) cannot conduct independent fiscal policy. D) Both A and C.
A neighborhood voted to develop a vacant lot into a vegetable garden. All of the neighbors worked the land and sowed the seeds. A few neighbors picked and ate the produce before the other neighbors had a chance. Which of the following could solve this example of the Tragedy of the Commons?
a. The neighborhood divides the lot into equal size plots and each family can plant and harvest only on their plot. b. The neighborhood continues to work the land and sow the seeds as a group, but sells all of the produce to willing buyers and reinvests the proceeds into the garden for the next year. c. The neighborhood decides to stop gardening on this land because there is no equitable way to allocate the produce. d. Both a and b are possible solutions to this example of the Tragedy of the Commons
The price of one currency in terms off another currency is called
A. the foreign exchange rate. B. foreign reserves. C. the foreign trade deficit. D. the balance of payments.