Cowrie shells have been used as money is West Africa. This is an example of
A. fiat money.
B. token money.
C. legal money.
D. commodity money.
Answer: D
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In an open economy, an increase in (G? T) will
A. decrease (X? IM). B. increase (X? IM). C. leave (X? IM) unchanged. D. have an unpredictable effect on (X? IM).
Suppose that the market for fresh California navel oranges is in equilibrium and then an unanticipated freeze destroys half of the California navel orange crop. Assuming all other factors affecting supply or demand remain unchanged, how would you expect this event to change the market equilibrium for California navel oranges?
a. The demand for navel oranges would decrease resulting in a lower market equilibrium price and quantity. b. The supply of navel oranges would decrease resulting in a higher market equilibrium price and a lower market equilibrium quantity. c. Both supply and demand would increase, resulting in an increase in equilibrium quantity and an indeterminate change in price. d. Both supply and demand would decrease, resulting in a decrease in both equilibrium quantity and price.
The Koyck distributed lag model is an example of:
A. a moving average model. B. an autoregressive conditional heteroskedasticity model. C. an infinite distributed lag model. D. a finite distributed lag model.
Suppose the target rate of unemployment is 5 percent but the actual rate of unemployment is 4 percent. Given this information, which of the following policies is most appropriate according to the AS/AD model?
A. A tax cut B. A tax increase C. An increase in government spending D. No change in taxes or government spending