The transactions demand for money is most closely related to money functioning as a:
A. unit of account.
B. medium of exchange.
C. store of value.
D. measure of value.
B. medium of exchange
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The short run in macroeconomics is the period in which
A) prices change significantly. B) the demand curve is vertical. C) no contracts or agreements exist to fix prices. D) demand determines output.
Technological advances lead to ________
A) a shift of the short run AS curve up B) a shift of the long run AS curve to the left C) an upward movement along the long run AS curve D) all of the above E) none of the above
If one day it was discovered that lime juice caused cancer, which of the following would likely result?
A) The supply curve for lime juice would shift to the right. B) The supply curve for lime juice would shift to the left. C) The demand curve for lime juice would shift to the right. D) The demand curve for lime juice would shift to the left.