One inconvenience of commodity money is the need for
A. money to be divisible.
B. uniform quality.
C. portability.
D. All of these responses are correct.
Answer: D
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Refer to Figure 11.5. An increase in the level of investment is best illustrated by diagram
A) A. B) B. C) C. D) D.
Since 1948, the average unemployment rate in the United States has been about
A) 3%. B) 6%. C) 8%. D) 10%.
Refer to Figure 17-2. Suppose the economy is at point A. The Fed uses expansionary monetary policy to lower the unemployment rate permanently below the level associated with A. Which of the following will occur?
A) Inflation will accelerate in the long run. B) Unemployment will accelerate in the long run. C) Inflationary expectations will decline. D) Unemployment will rise above the natural rate.
With allocative efficiency:
a. There is production of that particular mix of goods and services most wanted by society b. There is production of any particular mix of goods and services in the least costly way c. The available supplies of factors of production are fixed in both quantity and quality d. The state of technology, or methods used to produce output, do not change