Money is not ________
A) income because the former is a stock measure and the latter a flow
B) wealth because the former is generally used to procure the latter
C) as inefficient as barter because the latter requires a double coincidence of wants
D) all of the above
E) none of the above
D
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Other things constant, which of the following is likely to increase the supply of wheat?
A) an increase in the cost of fertilizer B) a decrease in the price of bread C) a decrease in the price of corn D) an increase in land prices E) an expectation that the price of wheat will be higher in the near future
In the health insurance market, moral hazard occurs when
A) chronically ill people buy insurance. B) insured people go to the doctor unnecessarily. C) patients sue their doctor. D) chronically ill people refuse appropriate medical treatment.
Which of the following set of events is most likely to result in moderating the phases of a business cycle?
a. a war coupled with a major improvement in communications technology b. higher interest rates coupled with a decrease in the demand for housing c. the invention of the silicon chip coupled with the invention of a new energy source d. decrease in capital stock coupled with the invention of high-definition television e. a war coupled with higher interest rates
An increase in the price level or in the real GDP, with velocity stable, shifts the :
a. money demand curve leftward. b. money supply curve leftward. c. money demand curve rightward. d. money supply curve rightward.