Money as a medium of exchange
I. facilitates the exchange of goods.
II. reduces or eliminates the need for barter.
A) I only
B) II only
C) both I and II
D) neither I nor II
C
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The liquidity approach to measuring the money supply uses
A) near moneys only. B) M1 only. C) M2 plus some highly liquid assets. D) M1 plus some highly liquid assets.
The term ________ refers to how the burden of the tax is distributed across various agents in the economy
A) tax funding B) tax incidence C) tax haven D) tax discrimination
The Bland-Allison Act of 1878 and the subsequent Sherman Silver Purchase Act of 1890:
a. led to an extended period of inflation in the U.S. b. were both followed by increases in the market price for silver. c. had no significant impact on silver prices or the price level. d. decreased the Treasury's supply of silver.
Most U.S. firms face:
A. perfect competition. B. some degree of competition. C. market power resting in a few large firms in every industry. D. no competition at all.