Which of the following is an example of money serving as a medium of exchange?
a. Richard puts money into a piggy bank.
b. Ellen deposits cash into a money market account.
c. Sean puts a new $20 bill into his currency collection.
d. Marian buys a carbo-loaded drink before a marathon.
d
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In a private closed economy (an economy with only a private sector and no international trade), the equilibrium condition for the economy is
A. C + Ig + G + NX = Y. B. AE = C + Ig + G = Y. C. AE = G + Ig = Y. D. AE = C + Ig = Y.
M1 is the total amount of ________ in the economy.
A. paper currency only B. coin C. paper currency and coin D. checking accounts, coin, and paper currency
In the short run, if aggregate demand shifts to the left while the position of the short-run aggregate supply curve does NOT change, then
A. a recessionary gap occurs. B. an inflationary gap occurs. C. there is no change in real GDP and the price level. D. the level of economic activity rises.
The additional revenue obtained by a firm when it hires an additional worker, holding other inputs constant, is
A. the marginal cost of labor. B. the marginal revenue product of labor. C. equal to total revenue divided by the number of workers. D. the marginal physical product of labor.