Which of the following is not a function of money?
a. store of value
b. medium of exchange
c. standard of quality
d. standard of deferred payment
c. standard of quality
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Answer the following statement(s) true (T) or false (F)
1. Happiness decreases with higher income. 2. Most economists believe countries should vigorously pursue policies of income redistribution for equality. 3. Total equality of family income would hurt people with small families the most. 4. Women now comprise more than half of the labor force. 5. Wage disparities between white and black workers are attributed solely to racism by most economists.
Economic profit is
A. P(q-ATC). B. Pq/ATC. C. (P?ATC)q. D. (P+ATC)q.