Which of the following would eliminate scarcity as an economic problem?
a. Resumption of the steady productivity growth.
b. Discovery of sufficiently large new energy reserves.
c. Moderation of people's competitive instincts.
d. None of these choices.
d
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When a grocery store accepts your $5 bill in exchange for bread and milk, the $5 bill serves as a
A) unit of account. B) standard of deferred payment. C) store of value. D) medium of exchange.
Which of the following statements is true?
A) when bond prices rise, real GDP and the price level rise. B) when bond prices fall, real GDP rises and the price level falls. C) when bond prices rise, the interest rate rises, and aggregate demand and the price level fall. D) when bond prices fall, the interest rate and aggregate demand fall.
Exhibit 5-6 Demand curve for concert tickets
?
In Exhibit 5-6, the demand curve for concert tickets shown above between the prices of $20 and $30 is
A. inelastic. B. elastic. C. unitary elastic. D. cross elastic.
What are the two tools of fiscal policy that governments can use to stabilize an economy?
A. government spending and technology improvements B. government spending and taxation C. taxation and controlling imports D. taxation and controlling exports