Animal skins, livestock, tobacco, teeth and rocks have historically served as a medium of exchange, unit of account, store of value and method of deferred payment
Indicate whether the statement is true or false
True
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Expansionary monetary policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) higher; higher B) higher; lower C) lower; lower D) lower; higher
The Keynesian demand for real balances can be expressed as
A) Md = f(i,Y). B) Md/P = f(i). C) Md/P = f(Y). D) Md/P = f(i,Y).
The Chamberlin oligopoly provides a foundation for ________ and differs from the Cournot oligopoly as it assumes firms ________ to each other's actions.
A) tacit collusion; do not respond B) cartels; respond C) tacit collusion; respond D) cartels; do not respond
If a good has an income elasticity of 1.83, then it:
A. is a normal good, and a necessity. B. is an inferior good, and a necessity. C. probably has a lot of close substitutes available. D. is a luxury.