The following factors tend to make the real GDP growth rate understate the growth of economic well-being, except:
A. Improved product quality
B. Added leisure
C. Debasement of the environment
D. More stress-free lifestyle
C. Debasement of the environment
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When Starbucks accepts your $10 bill for two Grande Lattes and one Tall Caramel Macchiato, the $10 bill serves as a
A) medium of exchange. B) store of value. C) standard of value. D) commodity money.
The marginal propensity to consume plus the marginal propensity to invest equal one
Indicate whether the statement is true or false
The economic problem of scarcity
a. is unique to a capitalist economy. b. requires that choices be made among alternatives. c. disappears as technology advances. d. affects only less-developed countries.
M1 includes which of the following?
A. Checking account deposits B. Gold certificates C. Money market mutual funds D. Time deposits