The function of money that helps assess the opportunity cost of an activity is money's use as a
A) barter tool.
B) store of value.
C) medium of exchange.
D) store of debt.
E) unit of account.
E
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Outsourcing allows a company to take advantage of the ________ of other countries, and in doing so it can produce its products at a lower cost
A) trade imbalances B) comparative advantages C) market failures D) diminishing returns
Does the presence of asymmetric information necessarily imply that governments should intervene in a market?
What will be an ideal response?
A decrease in aggregate demand will cause
A) prices to fall according to classical economists, and unemployment to increase according to Keynes. B) prices to fall and unemployment to increase according to both classical economists and Keynes. C) aggregate supply to fall according to classical economists, and prices to fall according to Keynes. D) aggregate supply to fall according to Keynes, and unemployment to increase according to classical economists.