A U.S. tariff on oil would reduce imports and raise the price of U.S. oil products.
Answer the following statement true (T) or false (F)
True
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Which of the following functions of money enables society to gain the benefits of geographic and labor specialization?
A. store of value B. unit of account C. medium of deferred payment D. medium of exchange
If quantity of milk is measured on the horizontal axis and quantity of juice is measured on the vertical axis, a decrease in the price of milk will cause the budget constraint to:
A) pivot rightward along the vertical axis. B) pivot rightward along the horizontal axis. C) shift to the left. D) shift to the right.
Checks are NOT money because they
A) are issued by banks, not by the government. B) are merely instructions to transfer money. C) have value in exchange but little intrinsic value. D) are not backed by either gold or silver.
Average labor productivity tends to be
A) procyclical and less variable than real GDP. B) procyclical and more variable than real GDP. C) countercyclical and less variable than real GDP. D) countercyclical and more variable than real GDP.