A barter economy is one in which:
A. money serves as a medium of exchange.
B. only precious metals are accepted as money.
C. goods are traded directly for other goods.
D. paper money is backed by gold.
Answer: C
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A good for which demand decreases when income decreases is known as a(n) ________ good
A) normal B) inferior C) complementary D) substitute
If the government enacts a tariff on a component imported by a domestic manufacturer from an international supplier, which of the following would be the best example of a disruptive outcome?
a. The manufacturer would pay a higher price for the component. b. The manufacturer would seek an alternative supplier for the component. c. The manufacturer would move production overseas to the country where the component is manufactured. d. The manufacturer would negotiate a lower price for the component.
One of the causes of structural unemployment is _______ shocks.
A. small, slow, and relatively permanent B. large, quick-hitting, temporary C. large, quick-hitting, and relatively permanent D. large, slow, and relatively permanent
A country's government runs a budget deficit when which of the following occurs in a given year?
A) The amount of new loans to developing nations exceeds the amount of loans paid off by developing nations B) Government spending exceeds tax revenue C) The debt owed to foreigners exceeds the debt owed to the country's citizens D) The amount borrow exceeds the interest payment on the national debt E) Interest payments on the national debt exceed spending on goods and services