Commodity money can best be described as
A) money used to purchase agricultural products
B) a good used as money that also has value independent of its use as money
C) standardized goods like gold that trade in a financial market
D) the form of money used in a barter system
B
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The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.73, then
A) there is a surplus of gasoline in Tulsa. B) there is a shortage of gasoline in Tulsa. C) the gasoline market in Tulsa is in equilibrium. D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.
The double taxation problem occurs because households pay taxes on dividends and capital gains from stock and corporations pay taxes on corporate profits
Indicate whether the statement is true or false
Discuss how successful the American Recovery and Reinvestment Act was at increasing real GDP and employment
What will be an ideal response?
Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is TRUE?
A) Peanut butter is a normal good, because income elasticity is positive. B) Peanut butter is an inferior good, because income elasticity is positive. C) Peanut butter is a normal good, because income elasticity is less than 1. D) Peanut butter is an inferior good, because income elasticity is less than 1.