A country with a low living standard can save easily
a. True
b. False
Indicate whether the statement is true or false
False
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How are money cost and opportunity cost related to each other?
A. If markets function well, they are closely related. B. They are always identical in any economic system. C. Opportunity cost must always exceed money cost. D. Money cost is greater than or equal to opportunity cost. E. In a market economy, they must be equal to each other.
Today, the Federal Reserve System can contract the money supply by
(a) increasing the discount rate. (b) increasing reserve requirements. (c) selling U.S. Treasury and federal agency securities. (d) engaging in all of the above.
The set of items that serve as media of exchange clearly includes
a. balances that lie behind debit cards. b. demand deposits. c. other checkable deposits. d. All of the above are correct.
If country A can produce more of practically everything than can country B, then which of the following statements is true?
A. Trade can benefit both countries. B. Country B cannot have a comparative advantage in the production of any good that country A wants to buy. C. Country B has no incentive to trade with country A. D. Country A has no incentive to trade with country B.