The most famous hyperinflation was in ________ between August 1922 and November 1923, when inflation averaged 322 percent per month
a. U.S.
b. Japan
c. Germany
d. Israel
c
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Economists Cade Massey and Richard Thaler analyzed whether teams in the National Football League distributed salaries efficiently. Massey and Thaler found that
A) both rookie players and veteran players are paid less than the value of their marginal products because of the lack of competition among teams. B) veteran players who sign as free agents are paid more relative to their marginal products than rookie players selected in the first round of the draft. C) rookies are paid salaries greater than their marginal products; veteran players are paid salaries less than their marginal products. D) the first few players selected in first round of the NFL draft are paid much higher salaries relative to their marginal products than players drafted later in the first round.
Which of the following economic theories became popular in the 1930s in response to the shortcomings of existing theories of the Great Depression?
a. New classical theory b. Classical theory c. Traditional Keynesian theory d. Monetarist theory e. New Keynesian theory
Which of the following statements best describes productive efficiency?
a. Productive efficiency occurs when as additional increments of resources are added to produce a good or service, the marginal benefit from those additional increments decline. b. Productive efficiency occurs when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service). c. Productive efficiency occurs when a country can produce a good at a lower cost in terms of other goods or when a country has a lower opportunity cost of production. d. Productive efficiency occurs when the mix of goods being produced represents the mix that society most desires.
Because of its divisibility, portability, and homogeneity,
a. gold has been a perfect medium of exchange and measure of value b. gold has never been considered an adequate medium of exchange, which is why we switched to fiat money c. wampum is still used as a medium of exchange d. M3 has been considered the perfect currency e. mercury has been a perfect medium of exchange and measure of value