Gold is a perfect medium of exchange and measure of value because of its
a. divisibility, portability, and homogeneity
b. divisibility and durability
c. durability and relative scarcity
d. durability and homogeneity
e. divisibility, durability, and relative scarcity
A
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Which of the following countries does NOT use the euro?
A) Estonia B) Belgium C) Finland D) United Kingdom
To combat unemployment the government should use fiscal and monetary policies to
a. run a deficit and increase the money supply. b. run a deficit and decrease the money supply. c. run a surplus and increase the money supply. d. run a surplus and decrease the money supply.
The demand for most agricultural products is:
A. elastic with respect to price but inelastic with respect to income. B. inelastic with respect to price but elastic with respect to income. C. elastic with respect to both price and income. D. inelastic with respect to both price and income.
Social Security is a pure transfer program because
A. the government subsidizes the medical bill of the poor. B. current payroll taxes are used to pay the eligible retirees. C. it transfers funds from current workers to the poor. D. the government transfers funds from middle-income workers to welfare recipients.