The direct exchange of goods and services for other goods and services without the use of money is
A. financial intermediaries.
B. a store of value.
C. barter.
D. a standard of deferred payment.
Answer: C
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A 45-degree line on a graph with expenditures, E, on the vertical axis and production, Y, on the horizontal axis, represents
A) the line of disequilibrium levels of income. B) all possible equilibrium levels of production and expenditures. C) some of the equilibrium levels of production and expenditures. D) None of the above.
Germany and France can produce the amounts of wine and beer indicated in the table below with one unit of land. Each country has 10 units of land
Does either country have an absolute advantage? Which country has a comparative advantage in beer production? Which country has a comparative advantage in wine production? Is it possible for the two countries to benefit from trade? Country Beer Wine France 2 4 Germany 10 1
Suppose a country increases government purchases by $700 billion. Suppose the government spending multiplier is 2 and the economy's real GDP is $6,000 billion. This policy action shifts the aggregate demand curve to the right by
A) $12,000 billion. B) $3,000 billion. C) $1,400 billion. D) $350 billion.
Which of the following is a correct statement?
A. It is relatively easy to distinguish between cost-push and demand-pull inflation even if you don't know the source of the inflation B. A supply shock will cause a variation of demand-pull inflation that can lead to hyperinflation C. Demand-pull inflation will continue so long as there is excess total spending in the economy D. Demand-pull inflation is usually accompanied by higher unemployment rates