Money is
A. the value of all coins and currency in circulation at any time.
B. anything that is generally accepted as a medium of exchange.
C. the same as income.
D. backed by gold in Fort Knox.
Answer: B
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In the United States, most periods of very high inflation occurred
A) during times of war. B) during recessions. C) in the past 25 years. D) before the year 1800.
Resale is difficult when
A) the good is light-weight. B) the good is expensive. C) transaction costs are high. D) transaction costs are negligible.
If the government imposes a tax of $3,000 on everyone, the tax would be a(n)
a. income tax. b. consumption tax. c. lump-sum tax. d. marginal tax.
According to Say's law, there can be
A) neither a general overproduction nor a general underproduction of goods. B) a general overproduction but not a general underproduction of goods. C) a general underproduction but not a general overproduction of goods. D) both a general overproduction and a general underproduction of goods.