A system in which people trade goods they don't want to consume for goods they do want to consume is called
A. a commodity money system.
B. a fiat money system.
C. an indirect exchange economy.
D. a barter system.
Answer: D
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In the model of the money supply process, the Federal Reserve's role in influencing the money supply is represented by
A) both the required reserve ratio and the market interest rate. B) the required reserve ratio, nonborrowed reserves, and borrowed reserves. C) only borrowed reserves. D) only nonborrowed reserves.
A monopolist will spend resources to advertise its product so long as
A) net profits increase. B) gross profits increase. C) demand increases. D) total revenue increases.
Inefficient use of resources leads to:
a. production bundles inside the production set. b. production bundles outside the production set. c. a reduction in the production set. d. production of a combination on the production set.
Discouraged workers are defined as those: a. whose productivity is low because working in dead-end jobs reduces their morale
b. who are counted as frictionally unemployed, having become dissatisfied with their previous jobs. c. who are counted as structurally unemployed, lacking training for the skilled positions for which they are applying. d. who have given up looking for a job and are not counted as unemployed.