Credit cards are money because they serve the three functions of money
a. True
b. False
Indicate whether the statement is true or false
False
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If the United States produces the same level of output each year instead of increasing it,
a. the unemployment rate will rise. b. the unemployment rate will remain unchanged. c. the unemployment rate will fall. d. there will be full employment.
Refer to the World View article titled "North Korea's Food Shortage Grows." If North Korea reduces the size of its military and produces more food, this is most consistent with
A. The law of increasing opportunity costs. B. A laissez faire policy. C. A movement along the economy's production possibilities curve. D. Privatization.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
If the quantity of money demanded exceeds the quantity supplied, the
A. interest rate will fall. B. demand-for-money curve will shift to the right. C. interest rate will rise. D. supply-of-money curve will shift to the left.