Free market economists
A) believe in the fundamental stability of the economy.
B) believe that government policy can create a stable economy.
C) and Keynesians hold the same macroeconomic views.
D) believe that the Federal Reserve is the source of economic stability.
A
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When we put a price tag on goods and services, we are using money as a
A) store of value. B) medium of exchange. C) barter token. D) unit of account. E) means of payment.
Cheating in a cartel is more likely to occur if the industry
A) has a large number of firms. B) has homogeneous products. C) has easily observable prices. D) has little variation in prices.
What is the inflation rate that most people know and use?
a. Cost of Living b. Producer Price Index (PPI) c. Consumer Price Index (CPI) d. Wholesale Price Index
According to the textbook, what was Adam and Eve's economy like?
a. primitive, because technology in the Garden of Eden was non-existent b. wasteful, because Adam and Eve did not know how to use the abundant resources available c. underemployed, because there were only two workers d. there was no economy because there was no reason to economize e. the same as ours because the law of scarcity is universal