Which of the following is not a correct statement about money?
a. Money serves as a medium of exchange
b. The value of money generally fluctuates much more than the prices of individual commodities like oil or wheat.
c. Money serves as a store of value.
d. Money serves as a means of deferred payment.
b
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Compared to a monopolistic competitor, a monopolist faces
A) a more elastic demand curve. B) a more inelastic demand curve. C) a demand curve that has a price elasticity coefficient of zero. D) a more elastic demand curve at higher prices and a more inelastic demand curve at lower prices.
De Soto's The Other Path encourages poor countries to use their development policies to do all of the following except
A. Enforce laws to safeguard property. B. Encourage population growth. C. Reduce regulations. D. Encourage entrepreneurship.
A difficulty with effective fiscal policy is the:
A. guess as to what potential GDP is. B. reality of time lags. C. lack of relevant information needed to decide the magnitude of change. D. All of these are true.