Which of the following statements is true of money?
A) Paper money was invented around 1,000 A.D. in China.
B) Paper money was the first form of money to be invented.
C) One of the limitations of paper money is that it does not function as a store of value.
D) Fiat money was used in the barter system of exchange.
A
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price increases from $8 to $10 is
A. -.63. B. -2.25. C. -1.60. D. -1.16.
Refer to the table below. What is the present value of the entire stream of payments?
The above table shows a 5 year payment plan. Each payment is made at the end of the year, so after one year, a payment of $1,000 is made, after two years another payment of $1,500 is made and so on. The interest rate is 3 percent.
A) $9,800.14
B) $9,500.23
C) $9,886.70
D) $10,500.56
Refer to the data in Figure 22.1. The price of this good
A. Is $1 per unit. B. Is $50 per unit. C. Is $100 per unit. D. Varies as output changes.